First Deputy Minister of Taxes Natig Amirov has informed about the completion of rebates on income tax withheld on the interests paid for the individuals’ deposits by banks and lending institutions and changes to tax withholding on these incomes according to the Law on amendments to the Tax Code approved by the Parliament.
During the discussions conducted by the Ministry of Taxes and Central Bank, it was said that tax withholding on incomes from bank deposits will be applied on the interests charged by 1 January 2015 taking into account the relevant rebate (AZN 500 per year). Amirov stressed this is a balanced decision, thus, the important concern faced by the baking community is eliminated.
Addressing the meeting, Director-General of the Central Bank Rashad Orujov mentioned this is a fair decision. He underlined the importance of informing customers on the decisions and the issues relating to tax withholding on deposits.
At the meeting, authorized representatives’ questions on various issues regarding taxation of bank deposits were responded.
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