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Azerbaijani Parliament adopts amendments to Tax Code

24 November 2021 [18:42] - TODAY.AZ

By Trend

The Milli Mejlis (Parliament) of Azerbaijan approved amendments to the Tax Code at today's plenary session, Trend reports on Nov. 24.

According to the information, the main directions of the proposed changes are to encourage entrepreneurial activity, expand the tax base, reduce the financial and tax burden of the population through social benefits, improve the mechanisms of tax accounting, taxation, and tax control, provide tax incentives to business entities, etc.

One of the proposals to reduce the tax burden of the population through social benefits is the exemption from income tax of material assistance up to 10,000 manats ($5,882), provided to members of martyr families, as well as servicemen with disabilities due to injury during military operations for the freedom, sovereignty and territorial integrity of Azerbaijan.

In continuation of attention and care for this category of citizens, it is proposed to exempt from income tax material assistance up to 10,000 manats ($5,882) provided to individuals belonging to this category, regardless of its intended purpose.

Another proposed change to the Tax Code is an exemption from income tax of up to 10,000 manats ($5,882) provided as a one-time benefit, material assistance to pay for treatment within the country, including surgical operations, as well as up to 40,000 manats ($23,539) provided as material assistance, a lump sum to pay for treatment abroad, including surgical operations.

Since 2001, when the Tax Code came into force, the amount of up to 1,000 manats ($588) from the cost of treatment within the country was exempted from income tax, as well as up to 2,000 manats ($1,177) from the amount of material assistance, benefits for paying for treatment abroad.

Taking into account the rise in prices in the medical field, as well as the existing prices for surgical operations, it was proposed to increase these amounts to 10,000 manats ($5,882) and 40,000 manats ($23,539), respectively.

URL: http://www.today.az/news/business/212578.html

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