Banks are exempt from tax on transactions with foreign payments

17:18 - 23.01.2026

January 23, Fineko/abc.az. As part of the agreement reached with international card organization Visa, Azerbaijani banks are exempt from tax on transactions with foreign payments, ABC.AZ informs, referring to the Association of Banks of Azerbaijan (ABA).

The mechanism for eliminating double taxation within the joint initiative of the Association and Visa had positive impact on the tax obligations of banks and payment service providers.

As a result of this benefit, the tax burden on banks to withhold tax from transactions conducted using Visa has been eliminated since the 4th quarter of 2025. At the same time, the cost of value-added tax on non-financial transactions conducted with the use of Visa decreased.

"As a result, the banking sector has managed to save a total of several million manats on tax expenses for subsequent periods," the statement says.