Written-off debt of major energy consumers in Azerbaijan not to be liable to VAT

The Cabinet of Ministers of Azerbaijan has decided to amend the earlier adopted decision No. 148 on regulation of payables of major energy consumers on the wholesale purchase of natural gas and oil products.

According to the changes to the compensation sum in enterprises and organizations, whose debts were written off, the Cabinet of Ministers instructed the Taxes Ministry to take into account
relevant clarification in the VAT turnover declared in previous periods, to eliminate the VAT liability on this amount of the debt.

This decision enters into force from the signature day, June 2.


/Trend/