12:16 - 7.01.2020

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January 7, Fineko/abc.az. The tax burden for those who sell their homes has been lowered.

The relevant provisions are reflected in the Decree on the amendments to the Tax Code of the Republic of Azerbaijan, signed by President Ilham Aliyev on 25 December 2019.

ABC.AZ reports that according to the law, with the exemption from tax for individuals, the registration period of at least 5 years in the area of residence is reduced to 3 calendar years. At the same time, when providing residential premises that are privately owned by individuals, an exclusive tax is not imposed on 30 sq m of living space.

In other words, persons registered in their apartments for 3 years will not pay any taxes when selling the apartment. And persons registered in their apartments for less than 3 years will not pay tax on 30% of the area of their house, and for the rest of the residential premises will pay a simplified tax of 15 manats per sq m.

In this case, the tax is calculated on a certain coefficient for residential areas.