The Azerbaijani parliament adopted a draft law on amendments to the Tax Code on 21 December 2012, these came into effect from 1 January 2013. These changes are aimed at improving the tax system, reducing the tax burden and improving the tax culture. The top individual income tax rate is reduced from 30% to 25% and the lower 14% rate will now apply to income up to AZN 2,500. For businesses, reductions of tax and customs duties will apply to residents of industrial and technological parks for a period of seven years.
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