16:49 - 25.12.2023

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December 25, Fineko/abc.az. Milli Majlis has adopted in the 3rd reading the draft amendments to the Tax Code and other related draft regulatory legal acts prepared in order to improve tax legislation and administration were. As well as in previous years, this time the main objectives of the amendments to the Tax Code are to optimize the tax burden of business entities, stimulate entrepreneurial activity, reduce the tax burden of the population with social tax benefits, and improve measures to combat the shadow economy.

ABC.AZ reports that The State Tax Service (under the Ministry of Economy) piecemeal presents the changes and their justification to the public.

One of the important changes in the direction of reducing the tax burden of business entities and stimulating entrepreneurial activity is associated with extension of the validity period of tax benefits, which expire in 2024. Thus, the period of application of a range of tax benefits envisaged by the Tax Code ends on January 1, 2024. Considering that the benefits applied to agricultural producers are also included in this list, as well as the important role of the agricultural sector in ensuring food security and employment, benefits in this area are extended for another 3 years.