from tomorrow in Azerbaijan, annual interest income paid by local banks and local branches of foreign banks on individuals of individuals will be taxed, Haqqin.az reports with reference to experts.
Revenues were exempted from tax from February 1, 2016 for a period of 7 years. Experts believe that the exemption of deposits from income tax for 7 years allowed banks to attract more deposits. If in 2016, when changes were accepted, individuals had 8 billion 77 million deposits in banks, then over the past period this figure increased to 11 billion 743 million manat.