Azerbaijan helping rehabilitate insolvent banks, NBCOs
Azerbaijan will exempt the sale of toxic assets of insolvent banks and non-banking credit organizations (NBCOs) from value added tax (VAT) for three years starting from January 1, 2017, according to the amendments to the Tax Code approved at a plenary session of Parliament.
The VAT exemption will be carried out as part of measures on restructuring and rehabilitation of insolvent banks and NBCOs.
In the original version of the draft law, the changes applied only to banks but following the talks in parliamentary committees, it was decided to cover the bankrupt NBCOs as well.
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