12:57 - 10.06.2025

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June 10, Fineko/abc.az. According to the amendments to the Tax Code, new tax incentives will be introduced in the cultural sector starting from next month. The purpose of the new changes is to stimulate the development of the sector by attracting more investments. At the same time, the amendments may lead to lower costs for a number of services in the cultural sector, as well as lower prices.

ABC.AZ informs, quoting MP Vugar Bayramov, that starting from July 1, 50% of the VAT paid in non-cash form for services in the field of theatrical performances, film screenings, museum visits and concerts of the symphony orchestra will be returned in the form of "VAT cashback". In other words, cashback will also be applied to cultural services.

"Another change concerns full exemption from land tax and 90% exemption from income tax (income) in the field of culture for 5-year term. The amount of income tax benefits has also been increased from 75% to 90%. The number of subjects eligible for benefits under current legislation has been increased from one to five. The list of organizations enjoying benefits additionally includes a theater, a museum, a symphony orchestra, and a film producer."