17:06 - 29.12.2022

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December 29, Fineko/abc.az. The State Tax Service discloses details of amendments to the Tax Code approved by President Ilham Aliyev and coming into force next year.

ABC.AZ reports that one of the changes envisaged in the Tax Code for 2023 relates to the reduction of tax expenditures of credit institutions in the process of liquidation, namely banks and NBCOs.

Thus, according to this change, banks declared insolvent will be exempt from paying taxes on property and land, and interest on their tax obligations will not be accrued. Also, according to the change, the property of closed banks related to tax arrears will not be described.

Another innovation relates to the sale of the property of these banks. According to the amendment, the deadline for the sale of non-functional (toxic) assets within the resolutions and health measures of banks that have lost their solvency, as well as VAT exemption for the sale of their assets within the bank's bankruptcy procedure is extended until January 1, 2026.