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Azerbaijan implements Tax Incentives for COP29

21 May 2024 14:36 (UTC+04:00)
Azerbaijan implements Tax Incentives for COP29

Tax incentives are being introduced in Azerbaijan in connection with the upcoming 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), Azernews reports.

This initiative involves proposed amendments to the Tax Code, which were deliberated upon during a session of the Azerbaijani parliament.

Under the proposed amendment, non-resident individuals engaged in supplying goods, performing work, or providing services related to COP29 will be eligible for a nine-month exemption from income tax, commencing on March 1, 2024. This amendment underwent thorough discussion and was subsequently passed in the third reading.

It's worth mentioning that Azerbaijan is slated to host COP29 this November. This decision was reached during the COP28 plenary meeting held in Dubai on December 11 of the previous year. Baku is anticipated to welcome approximately 70 thousand to 80 thousand foreign guests, positioning itself as the focal point of global attention.

The United Nations Framework Convention on Climate Change, established during the Earth Summit in Rio de Janeiro in June 1992, aims to prevent detrimental human interference with the climate system. The COP serves as the principal legislative body overseeing the Convention's implementation, with 198 countries currently party to it. Unless otherwise decided, the COP convenes annually, with its inaugural event taking place in March 1995 in Berlin.

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