12:55 - 6.11.2023

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November 6, Fineko/abc.az. Monthly interest income of individuals in Azerbaijan up to 200 manats will be partially exempt from tax.

ABC.AZ reports that Nijat Imanov, the head of the Main Department of the State Tax Service, stated about this at today's meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship.

He added that speech is about exemption from taxation of interest income received by citizens on deposits placed in banks in national currency for period of 18 months or more.

"This step also has two goals. On the one hand, it is aimed at the capitalization of banks. Banks give long-term loans and in parallel should attract deposits for a long time. At that, granting this privilege to deposits in the national currency implies policy of increasing demand for the manat," the tax official said.