New Tax Incentive: 50% VAT Refund on Cultural Services to Boost Investment and Entrepreneurship
- 50 percent of VAT paid for cultural services will be refunded.
- New incentive mechanism for the cultural sector will be implemented from July.
- From July 1, 2025, individuals can get 50 percent VAT refund for cashless payments on cultural services.
- The refund will be processed similarly to the existing cashback mechanism.
- Consumers will receive refunds based on cashless payment receipts.
- Changes were approved at the beginning of the year under Article 165.5 of the Tax Code.
- The mechanism aims to increase access to cultural services and enhance competitiveness and transparency.
- It also targets attracting investments, improving service quality, and sustainable development of the cultural sector.
- The mechanism is expected to boost interest in cultural services and positively impact market competition and price regulation.
Source: taxes.gov.az
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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