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What tax incentives are applied to translators?
What tax incentives are applied to translators?
I am registered as a taxpayer and carry out activities as an individual translator. In addition, I rent out my apartment and earn income from it. The Tax Code provides a 75 percent tax incentive for persons engaged in translation activities. In this case, will all of my income be exempt from tax?
The State Tax Service under the Ministry of Economy has stated that, in accordance with the provisions of Article 102.1.30-1 of the Tax Code, individual entrepreneurs who are micro-entrepreneurship entities, engage in the types of activities specified in that article, including the provision of translation services, and whose income for a calendar year (without taking expenses into account) does not exceed 45,000 manats, are granted an exemption from income tax in the amount of 75 percent of the income earned from such activities.
Income received by an individual from leasing property, in accordance with Article 99.3.3 of the Tax Code, is classified as income from non-entrepreneurial activity.
The tax incentive specified in Article 102.1.30-1 of the Tax Code is applied to the income earned by individual entrepreneurs who are micro-entrepreneurship entities from the types of activities listed in that article, and does not apply to income earned by such persons from non-entrepreneurial activities, including rental activities.
Based on the above, the exemption in accordance with Article 102.1.30-1 of the Tax Code applies only to the income earned from entrepreneurial activity related to the provision of translation services by an individual who provides translation services and at the same time rents out his or her apartment. Income earned by that individual from non-entrepreneurial activity related to leasing the apartment is subject to taxation in the general manner in accordance with Article 124 of the Tax Code.
The above matters are regulated by Articles 102 and 124 of the Tax Code.
I am registered as a taxpayer and carry out activities as an individual translator. In addition, I rent out my apartment and earn income from it. The Tax Code provides a 75 percent tax incentive for persons engaged in translation activities. In this case, will all of my income be exempt from tax?
The State Tax Service under the Ministry of Economy has stated that, in accordance with the provisions of Article 102.1.30-1 of the Tax Code, individual entrepreneurs who are micro-entrepreneurship entities, engage in the types of activities specified in that article, including the provision of translation services, and whose income for a calendar year (without taking expenses into account) does not exceed 45,000 manats, are granted an exemption from income tax in the amount of 75 percent of the income earned from such activities.
Income received by an individual from leasing property, in accordance with Article 99.3.3 of the Tax Code, is classified as income from non-entrepreneurial activity.
The tax incentive specified in Article 102.1.30-1 of the Tax Code is applied to the income earned by individual entrepreneurs who are micro-entrepreneurship entities from the types of activities listed in that article, and does not apply to income earned by such persons from non-entrepreneurial activities, including rental activities.
Based on the above, the exemption in accordance with Article 102.1.30-1 of the Tax Code applies only to the income earned from entrepreneurial activity related to the provision of translation services by an individual who provides translation services and at the same time rents out his or her apartment. Income earned by that individual from non-entrepreneurial activity related to leasing the apartment is subject to taxation in the general manner in accordance with Article 124 of the Tax Code.
The above matters are regulated by Articles 102 and 124 of the Tax Code.