Azerbaijan to introduce method of accelerated depreciation for fixed assets of micro and small businesses

13:04 - 3.12.2018


December 3, Fineko/abc.az. The Ministry of Taxes of Azerbaijan reports that the new amendments to the Tax Code of Azerbaijan are to expand opportunities for development of business.

Samira Musayeva, director general of the Ministry’s Tax Policy Department, stated at the briefing that the method of accelerated depreciation on fixed assets of micro and small businesses will be introduced starting from next year.

"The amendments also imply 7-year tax benefits for micro-, small- and medium-sized businesses, which are also exempt from profit tax, land tax and VAT. Part of profit from services rendered by small- and medium-sized entrepreneurs to be directed for capital expenditures is also exempt from income tax for 7 years," Musayeva said.

She pointed out that the entities of micro-entrepreneurship will be exempt from field tax and profit tax of 75% of income and profit, as well as from property tax.

 

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