Azerbaijan Mortgage and Credit Guarantee Fund exempt from tax liabilities
Azerbaijan's President Ilham Aliyev has today signed a decree on additional measures to modernize the activity of the Azerbaijan Mortgage and Credit Guarantee Fund.
The document was signed with the aim of improving population's provision with housing, increasing opportunities to get mortgage loans, and minimizing the risks of mortgage and credit and guarantee mechanisms.
Under the decree, the Cabinet of Ministers was instructed to prepare within a month proposals to exempt the Fund from tax liabilities, as well as to exempt authorized banks and borrowers from tax obligations when the Fund makes payments on guarantees.
Furthermore, the Cabinet together with the Fund should define volume of the funds that will be needed to grant subsidies in 2019-2021 for loans issued since Jan. 1, 2018.
Under the decree, the Fund will also be able to purchase residential areas and lease them.
The Fund should also ensure creation of a special reserve fund to cover possible financial losses.
Azerbaijan's Financial Markets Supervisory Authority (FIMSA) was instructed to define and within three months to submit to the head of state special economic regulations and requirements to ensure banks' active participation in mortgage lending and in activity of the credit and guarantee system.
The decree also eliminates the Fund's authority to determine the limit on subsidies for each authorized bank.
Related news releases
- 25.05.2018Azerbaijan establishes Financial Monitoring Service
- 25.05.2018Business loans make up 60% of loan portfolio in Azerbaijan’s banking sector
- 25.05.2018Azerbaijan to significantly reduce tax burden on micro and small entrepreneurship subjects
- 25.05.2018Central Bank of Azerbaijan to attract AZN 350M
- 24.05.2018EUR operations decrease by 12% in Azerbaijan
- 24.05.2018Central Bank of Azerbaijan attracted AZN 700M through auctions in Q1
- 24.05.2018Central Bank: Currency reserves exceed external public debt by threefold
- 24.05.2018Money transfers to Azerbaijan increase by 63% during past two years
- 24.05.2018SOFAZ increases currency sales by 65% in Q1
- 24.05.2018Moody’s: Azerbaijan’s economy to grow 3% next year
- 24.05.2018Moody’s: Capital adequacy in banking sector improved following measures for IBA normalization
- 24.05.2018Moody’s Investors Service holding annual summit on Azerbaijan
- 23.05.2018Azerbaijan issues 200 AZN banknotes
- 23.05.2018Azerbaijan exports 591 mcm of gas to Turkey in March
- 23.05.2018Premiums on credit insurance quintuple
- 23.05.2018Premiums on real estate compulsory insurance increase
- 23.05.2018Azerbaijan sees rise in compulsory insurance of automobiles
- 22.05.2018Deputy Minister: Economic reforms ensured macroeconomic stability in Azerbaijan
- 21.05.2018Azerbaijani parliament to revise 2018 state budget
- 21.05.2018Trade turnover between Azerbaijan and Georgia exceeds $360M this year
- 21.05.2018Central Bank announces result of today’s auction
- 18.05.2018Azerbaijan-based insurers ranking for payments growth rate
- 18.05.2018Azerbaijan-based insurers ranking for premiums growth rate
- 18.05.2018Azerbaijan-based insurers ranking for payments market share
- 18.05.2018Azerbaijan-based insurers ranking for premiums market share
- 18.05.2018Azerbaijan-based insurers ranking for payments
- 18.05.2018Azerbaijan-based insurers ranking for premiums
- 18.05.2018Azerbaijan-based 21 insurers’ premiums exceed AZN 301M
- 18.05.2018Central Bank of Azerbaijan to attract AZN 350M
- 18.05.2018Most popular Bakcell tariff “Ela” becomes unlimited
- 18.05.2018Report of Chamber of Accounts on 2017 submitted to parliament
- 17.05.2018USD rate for tomorrow announced
- 17.05.2018Ministry of Taxes combating organized criminal group, not just sellers violating law - INTERVIEW
- 17.05.2018BP announces volume of oil and gas transported via Sangachal terminal
- 17.05.2018Alim Guliyev: Central Bank is comprehensively researching risks on cryptocurrencies
- 16.05.2018AZN 10M allocated for acceleration of socio-economic development of Nakhchivan AR
- 16.05.2018Azerbaijan sees 1.2% growth in economy
- 16.05.2018Personal incomes rise by 9.2% in Azerbaijan
- 16.05.2018Azerbaijan-based financial organizations’ loan portfolio in national currency exceeds AZN 11.6B
- 16.05.2018Azerbaijan’s mobile operators earn AZN 281M in two months
- 02.05.2018Azerbaijan-based banks ranking for assets growth rate
- 02.05.2018Azerbaijan-based banks ranking for total capital growth rate
- 02.05.2018Azerbaijan-based banks ranking for loan portfolio growth rate
- 01.05.2018USD rate for tomorrow announced
- 01.05.2018Azerbaijan-based banks ranking for non-interest expenditures
- 01.05.2018Food Safety Agency to control export of food products to EU