Rules of VAT refund for residential and non-residential plots approved


May 25, Fineko/ President Ilham Aliyev has signed a decree approving "The conditions & procedure for the return of VAT for residential and non-residential areas paid by consumers - individuals in a cashless form to persons engaged in the construction of buildings."

Under the decree, the Ministry of Economy, in coordination with the authorized bank (banks), the Ministry of Finance and the Central Bank of Azerbaijan, within 15 days, must determine, at the expense of the extra-budgetary fund, the creation of infrastructure provided for in the Rules, including a portal, software and single electronic database, its integration into electronic information systems used by the State Tax Service and an authorized bank (banks).