14:59 - 5.12.2023

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December 5, Fineko/abc.az. The term of tax benefits for F1 race is extended for another 3 years.

ABC.AZ reports that this was reflected in the draft amendments to the Tax Code, which was considered in the 3rd reading at today's meeting of the parliament.

With the changes, royalty income paid to a non-resident legal entity on the basis of an agreement concluded with a body (structure) defined by the relevant executive authority for the use of copyrights to intangible assets related to F1 and F2 competitions held in Azerbaijan will be exempt from tax from January 1, 2018 for 9-year term.

Currently, this period is 6 years from January 1, 2018.

After discussion, the draft amendments were put to the vote and adopted in the 3rd reading.