TODAY.AZ / Business

Construction companies to meet new tax system

16 January 2007 [15:54] - TODAY.AZ
According to the amendments to the Taxes Code of Azerbaijan, construction companies has to pay at least AZN 10 in tax per square meter of apartments in the buildings being constructed as of January 1.

Head of the Tax Policy and Strategic Research Department of the Taxes Ministry, Akif Musayev, told a press conference that relevant agencies of the Government will set taxation figures according to the location of buildings.

"The figures will be sent to the Government after being fixed. Also, minimum rental will be set for real estate except housing," he said.

Construction companies are to pay the taxes in two years, paying equal installments for 8 quarters.

The Ministry introduced 84 amendments to the parliament, of which 68 were granted.

The amendments cover reduction of tax burden, changes in check-out system, tightening of tax controls, creation of tax posts and so on.


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