The goods, works and services associated with Formula 1 and Formula 2 races have been exempted from value additional tax (VAT) until January 1, 2024 in Azerbaijan, reads the Law “On making change in Tax Code of Azerbaijan Republic” the enforcement of which was instructed by the order signed by President Ilham Aliyev on December 25, 2019, APA reports.
According to the law, the supply of the goods, works and services on the basis of the contract signed with the agency (institution) defined by relevant executive power authority in regard with Formula 1 and Formula 2 races held in Azerbaijan has been exempted from VAT for the period of 6 years beginning from January 1, 2018.
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