16:49 - 2.11.2023

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November 2, Fineko/abc.az. Mortgaged property and land that credit institutions accept on the balance sheet in exchange for outstanding debts will be exempt from paying property and land tax.

ABC.AZ reports that this was reflected in the Azerbaijan State Budget Package for 2024, submitted for discussion at today's meeting of the Parliamentary Committee on Economic Policy, Industry & Entrepreneurship.

According to the draft, such assets are proposed to be exempt from property and land tax for 2 years, during which they will be alienated. This will reduce the permanent tax expenses of credit institutions.