A new tax incentive is set to be introduced for private sector businesses operating outside Azerbaijan's oil and gas industry.
The proposal is included in amendments to the Tax Code discussed during today's session of the Azerbaijani Parliament.
Under the draft law, private sector taxpayers operating in the non-oil and gas sector will be allowed to transfer funds from their VAT deposit accounts to the State Social Protection Fund.
The proposed mechanism will be effective for four years starting from January 1, 2027. The terms and procedures governing such transfers will be determined by the authority (institution) designated by the relevant executive body.
The bill is intended to expand taxpayers' ability to use funds held in their VAT deposit accounts, create additional financial resources for meeting social security obligations, and ultimately support taxpayers operating in Azerbaijan's non-oil and gas private sector.
The draft law was put to a vote and approved in the first reading.
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