Benefits for funds transferred to public & social funds increased in Azerbaijan
As of this year, the tax-free portion transferred to funds created for public and social purposes in Azerbaijan has increased from 10 percent to 15 percent, Azernews reports, citing the State Tax Service under the Economy Ministry.
"In order to more effectively implement the financial support programs arising from the social and corporate responsibility of taxpayers, this concession will be distributed to enterprises, departments, and organisations operating in the fields of science, education, health, sports, and culture that meet the criteria determined by the Cabinet of Ministers. Moreover, the list applies to funds established for public and social purposes approved by the President of the Republic of Azerbaijan.
The amendment to the Tax Code is aimed at increasing the interests of taxpayers in allocating financial assistance to public and social projects and, at the same time, increasing the material income of those areas," the information says.
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