Rustamov noted that at the present time, the personal savings are one of the significant sources of earnings: “According to statistics, the Azerbaijani people earn 500 mln from savings in a year. After adoption of draft law on amendments to the law on “Deposit Insurance”, incomes of the personal savings will be stabilized. As you know, the concession on imposing tax on the personal savings was valid till 2015. This concession was cancelled in 2015 and will be made again covering residents and non-resident depositors. According to initial figures, personal savings make AZN 9.5 bln and income from these savings amounts to AZN 93 mln. The concession will allow depositors to dispose AZN 93 mln. These funds will be transferred back to the population from the state budget”.
Azerbaijan not to collect income tax from personal savings
19 January 2016
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Azerbaijan will not collect income tax from the personal savings starting February 1, Chairman of the Central Bank of Azerbaijan Elman Rustamov said at the joint meeting of the Committees of the Azerbaijani Parliament on Economic Policy, Industry and Entrepreneurship and Legal Policy.
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