17:54 - 27.12.2022
December 27, Fineko/abc.az. One of the changes envisaged in the Tax Code for 2023 will be a change in the taxation of cash prizes awarded to athletes.
ABC.AZ informs that a part of the full value of prizes awarded by the organizers of these competitions in connection with international, interstate sports competitions, as well as prizes awarded in cash by republican sports federations (associations) and sports clubs at domestic sports competitions (republican, regional, city and district level) is exempt from income tax, in particular up to 50,000 manats.
In accord with the current situation, that is, according to the current version of Article 102.1.15 of the Tax Code, the value of awards received in cash at international competitions and contests is exempt from income tax up to 4,000 manats, and at republican, city, district competitions and contests – up to 200 manats.
