12:52 - 20.11.2024

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 November 20, Fineko/abc.az. In the field of construction, a mechanism is being defined for the precise determination of income and expenses deducted from income for tax purposes.

ABC.AZ reports that this is reflected in the proposed amendment to the Tax Code.

According to Article 130.6 of the Tax Code, income related to the representation by persons engaged in the construction of buildings, residential and non-residential premises and expenses deducted from this income are determined on the basis of amounts excluding VAT of residential and non-residential premises submitted for works (stages) performed during the tax year and expenses for the construction of these premises, including expenses for the purchase of land plots.

According to the draft, in order to regulate the procedure for determining the part of income under long-term contracts and expenses deducted from income attributable to each reporting year, regulation is added to Article 130.6 of the Tax Code.