16:04 - 27.12.2024

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December 27, Fineko/abc.az. Tax incentives are offered as a form of state support for development of theatrical and film art, museum and symphony orchestra activities in Azerbaijan.

ABC.AZ informs that this is reflected in the amendments to the Tax Code, approved by President Ilham Aliyev.

Changes to the Tax Code include:

- refund of 50% VAT paid by bank transfer by consumers who are individuals for services rendered in the field of theatrical performances, film screenings, museum visits and symphony orchestra concerts;

- exemption from income tax for a period of 5 years of 90% of the profits from these activities of the theater, museum, symphony orchestra, as well as cinematographic enterprises and film producers registered in the Republic of Azerbaijan in accordance with the procedure established by law and engaged in the production and dubbing of films;

- for the use or transfer of copyrights to intangible assets belonging to a theater, museum, symphony orchestra, as well as for the production, broadcast and dubbing of a film, it is proposed to exempt royalty income from tax, payable at a rate of 14% for 5 years.

If the amendments to the Tax Code are adopted, these provisions will enter into force on July 1, 2025.