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Can the 75% discount be applied to last year's income?
Can the 75% discount be applied to last year's income?
I am engaged in individual activity in the field of architecture and design, having been registered with the tax authorities. As is known, according to the newly added Article 102.1.30-1 of the Tax Code, I am entitled to a 75% tax exemption if my income does not exceed 45,000 manats. I would like to know whether this exemption can also be applied to income earned in 2024.
The State Tax Service under the Ministry of Economy has stated that, according to Article 102.1.30 of the Tax Code, 75% of the income derived from entrepreneurial activity by individual entrepreneurs who are classified as micro-entrepreneurs, have an average monthly number of at least three salaried employees during the relevant year, and have no outstanding obligations on mandatory state social insurance contributions, is exempt from income tax.
According to Article 102.1.30-1, which was added to the Tax Code and will come into force on January 1, 2025, 75% of the income earned by individuals engaged in project design and decoration services — provided that their annual income from such activity (without deducting expenses) does not exceed 45,000 manats — will be exempt from income tax.
Based on the above, and taking into account that Article 102.1.30-1 comes into effect on January 1, 2025, the tax exemption stipulated in this article does not apply to income earned from the mentioned activity in 2024.
I am engaged in individual activity in the field of architecture and design, having been registered with the tax authorities. As is known, according to the newly added Article 102.1.30-1 of the Tax Code, I am entitled to a 75% tax exemption if my income does not exceed 45,000 manats. I would like to know whether this exemption can also be applied to income earned in 2024.
The State Tax Service under the Ministry of Economy has stated that, according to Article 102.1.30 of the Tax Code, 75% of the income derived from entrepreneurial activity by individual entrepreneurs who are classified as micro-entrepreneurs, have an average monthly number of at least three salaried employees during the relevant year, and have no outstanding obligations on mandatory state social insurance contributions, is exempt from income tax.
According to Article 102.1.30-1, which was added to the Tax Code and will come into force on January 1, 2025, 75% of the income earned by individuals engaged in project design and decoration services — provided that their annual income from such activity (without deducting expenses) does not exceed 45,000 manats — will be exempt from income tax.
Based on the above, and taking into account that Article 102.1.30-1 comes into effect on January 1, 2025, the tax exemption stipulated in this article does not apply to income earned from the mentioned activity in 2024.