Changes made to Tax Code

28.12.2020,16:08

December 28, Fineko/abc.az. A proposal to amend the Tax Code has been made in Azerbaijan.

ABC.AZ reports that according to the Law on the Acquisition of Land for State Needs, the compensation paid to legal entities is exempt from taxes.

In this regard, it is proposed to make appropriate changes to the Tax Code.

Under Article 150.1.9 of the Tax Code, a notary certifying contracts for land plots, residential and non-residential premises is obliged to withhold tax from the source of payment. According to the amendment, the requirement of this article now covers individuals.

Thus, the notary is obliged to withhold tax from the source of payment when approving contracts for land plots, residential and non-residential premises presenting by individuals.

At today's Milli Majlis meeting the bill was submitted for discussion and adopted in the 1st reading.