According to the order, the Cabinet of Ministers is to prepare and submit to Azerbaijan`s President the proposals on bringing to conformity the Azerbaijan`s laws and acts of Azerbaijan`s President with the law on "Amendments to the Tax Code of Azerbaijan” within three months, ensure conformity of the normative legal acts of the Cabinet of Ministers with the law and inform Azerbaijan`s President within three months, keep under control the conformity of the normative legal acts of the central executive authorities to the law, inform Azerbaijan`s President within five months.
The Justice Ministry is to ensure coordination of the normative legal acts and normative acts of the central executive authorities with the law "Amendments to the Tax Code of Azerbaijan” and inform the Cabinet of Ministers.
Starting February 1, 2016 the annual interest rates paid by local banks and Azerbaijan-based branches of foreign banks for individuals’ deposits, as well as dividend, discount (price below par) and interest rates paid by the issuer on the investment securities are exempted from income tax.
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