State Oil Fund of Azerbaijan exempted from land tax
Baku, Fineko/abc.az. The Azerbaijani government keeps on expanding tax exemptions for the State Oil Fund of Azerbaijan (SOFAZ), assets of which exceed the size of country’s state budget.
According to the amendments to the Rules of assessment and payment of land tax to local (municipal budgets), lands belonging to or used by SOFAZ were exempted from land tax.
Simultaneously it was specified the rate of land tax for rural areas used under industrial, construction, transport, communications, trade, service enterprises; housing fund, pastures and cottages. For enterprises it ranges 2 up to 10 manats per 100 sq m and for the rest 0.1 up to 0.6 manats.
Municipalities were also banned to establish subsidized rent-charge for land in terms of potentially accrued rate of land tax. Now subsidized rent-charge will be tied in to auction price of land.
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