President of Azerbaijan has approved and published the amendments to the Tax Code, which have already come into force.
Individuals whose monthly income is less than AZN 250 are exempt from personal income tax. So the individuals whose annual income is less than AZN 3000 are exempt from personal income tax.
Annual interest income starting from AZN 500 which will be paid on deposits of individuals and by a local bank or the branch of a foreign bank in the Azerbaijan Republic are now subject to withholding tax at 10% in Azerbaijan. Annual interest income up to AZN 500 is exempt from taxation.
New rates on tobacco products, alcohol, automobiles and yachts and excise tax on precious metals and diamonds has been introduced.
