Private sector entities operating outside the oil and gas sector will be allowed to transfer funds from their VAT deposit accounts to the State Social Protection Fund, APA reports.
The provision is reflected in amendments to the Tax Code approved by President Ilham Aliyev.
Under the law, from January 1, 2027, for a period of four years, taxpayers operating outside the oil and gas sector and belonging to the non-state sector may, in accordance with the rules and conditions determined by the body (institution) designated by the relevant executive authority, transfer funds from their VAT deposit accounts to the State Social Protection Fund.
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