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Allocations for assets of Azerbaijan’s Oil Fund exempted from taxes

Baku, Fineko/abc.az. The Parliamentary Economic Policy Committee is considering today a bill on amendments to the Tax Code of Azerbaijan, the largest since 2009.

Deputy Tax Minister Natig Amirov says that the bill proposes the amendments relating to the taxation of the operations of the State Oil Fund of Azerbaijan (SOFAZ).

"In accord with the amendments the finances directed for SOFAZ assets are exempted from income tax. The SOFAZ is also exempted from payment of VAT for import of physical gold purchased for placement of their assets," Amirov said.

SOFAZ previously received VAT exemption on import of gold due to the Cabinet’s decision and will now simply strengthen the legislative framework for the use of such tax benefits.

 


18.12.2012 12:28


   


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