Azerbaijan determines tax and VAT concessions related to COP29

Azerbaijan determines tax and VAT concessions related to COP29
# 21 May 2024 13:00 (UTC +04:00)

In connection with the holding of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in the Republic of Azerbaijan, incomes of non-resident individuals involved in the provision of goods, conducting of works and provision of services within the scope of this activity are exempt from income tax for a period of 9 months from March 1, 2024 on the basis of the confirmation document of the body (institution) determined by the relevant executive authority, this was reflected in the proposed amendment to the Tax Code, which was discussed at today's meeting of the Milli Majlis, APA reports.

According to the draft law, in connection with the holding of the 29th session of the Conference of the Parties (COP29) of the United Nations Framework Convention on Climate Change in the Republic of Azerbaijan, royalty income paid to a non-resident legal entity on the basis of an agreement concluded with a body (institution) determined by the relevant executive authority for the use of copyrights on intangible assets or the granting of rights of use shall be exempted from tax for a period of 9 months from March 1, 2024.

In connection with the holding of the 29th session of the Conference of the Parties (COP29) of the United Nations Framework Convention on Climate Change in the Republic of Azerbaijan, based on the confirmation document of the body (institution) determined by the relevant executive authority, the incomes obtained from the performance of works and the provision of services by non-resident legal entities are exempted from tax for a period of 9 months from March 1, 2024.

In connection with the holding of the 29th session of the Conference of the Parties (COP29) of the United Nations Framework Convention on Climate Change in the Republic of Azerbaijan, the performance of works and provision of services by non-residents based on the contract concluded with the body (institution) determined by the relevant executive power body, as well as the import of goods based on the confirmation document of the body (institution) determined by the relevant executive power body, will be VAT exempt for a period of 9 months from March 1, 2024.

The bill was put to a vote and adopted in the third reading.

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