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Amendments made to Tax Code of Azerbaijan

10 June 2011 14:32 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. The Parliament made amendments to the Tax Code. According to APA, draft amendments to the Tax Code were discussed at todayâ€™s session of then Parliament.

Vice-speaker of Azerbaijani Parliament, chairman of Parliament’s Standing Commission for natural resources, energy and ecology issues Valeh Alasgarov said that the document was submitted by the president by way of legislative initiative. According to the annexes made to 106th article of the Code, assets given from balance of one of the subsidiaries owned by legal entity to the balance of another one free of charge, as well as the value of main means given free of charge to another legal entity, operations on presentation of main funds, real estate and other assets in accordance with the agreements related to oil-gas reserves to the Azerbaijani side are freed from taxes.

Alasgarov said that it is proposed to amend new item on â€œsharing of profit on the exploration, development and production of oil-gas reserves, export pipelines and on other agreements, moreover, transfers on collecting of net profit of subsidiary owned by legal entity in the centralized fund of that person by the relevant executive power and the profit of that person is not involved to taxâ€. And â€œThe side representing the Republic of Azerbaijanâ€ is added to the article #164.1.11.

The amendments were confirmed after the discussions.