- New tax benefits in the cultural sector will be introduced from July 1 in Azerbaijan.
- The changes aim to stimulate development by attracting more investments.
- Deputy Vugar Bayramov mentioned potential cost reductions for cultural services.
- Starting July 1, 50 percent VAT cashback will be available for non-cash payments on cultural activities.
- Cultural services include theatrical performances, film screenings, museum visits, and symphony concerts.
- There will be a complete exemption from land tax for 5 years in the cultural sector.
- A 90 percent exemption from profit tax will be applied, increased from the previous 75 percent.
- The number of entities eligible for benefits has increased from 1 to 5.
- Theaters, museums, symphony orchestras, and film producers are now included as beneficiaries.
Source: baku.ws
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.
