Important changes in VAT: what awaits Azerbaijanis from July 1?

"According to changes in the Tax Code, new tax benefits in the cultural sphere will be introduced from the beginning of next month. The purpose of these changes is to stimulate the development of this sector by attracting a larger volume of investments".

As reported by BAKU.WS, these words were stated by deputy Vugar Bayramov.

According to him, this may lead to a reduction in costs for a number of services in the cultural sphere, as well as to a decrease in prices:

"Starting from July 1, 50 percent of VAT paid by non-cash methods for theatrical performances, film screenings, museum visits, and symphony orchestra concerts will be returned ("VAT cashback"). That is, cashback will also be applied to cultural services.

Another change provides for a complete exemption from land tax for 5 years in the cultural sector, as well as a 90 percent exemption from profit (income) tax. At the same time, the amount of profit (income) tax relief has been increased from 75 to 90 percent. The number of entities that are granted benefits under current legislation has been increased from 1 to 5. Theaters, museums, symphony orchestras, and film producers have been added to the list of beneficiaries."