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Draft law on tax incentives for Azerbaijan's IT sector passes first reading
We would like to inform you that, under the draft law, a 0% personal income tax rate is proposed for highly qualified specialists coming from abroad as well as Azerbaijani specialists returning to the country.
In addition, it is proposed to exempt from taxation the income of companies and individuals operating in the fields of digital technologies, artificial intelligence, innovation, and cybersecurity.
The draft law also provides for a 20-year tax exemption on dividends paid to shareholders of companies operating in these sectors.
Furthermore, income and dividends derived from investments made through crowdfunding are proposed to be exempt from taxation.
In addition, grants and subsidies allocated for the implementation of digital projects would not be treated as taxable income.
The draft law also includes provisions under which, in certain cases, the bank accounts of newly established startups will not be frozen during tax disputes until a court decision has been issued.
We would like to inform you that, under the draft law, a 0% personal income tax rate is proposed for highly qualified specialists coming from abroad as well as Azerbaijani specialists returning to the country.
In addition, it is proposed to exempt from taxation the income of companies and individuals operating in the fields of digital technologies, artificial intelligence, innovation, and cybersecurity.
The draft law also provides for a 20-year tax exemption on dividends paid to shareholders of companies operating in these sectors.
Furthermore, income and dividends derived from investments made through crowdfunding are proposed to be exempt from taxation.
In addition, grants and subsidies allocated for the implementation of digital projects would not be treated as taxable income.
The draft law also includes provisions under which, in certain cases, the bank accounts of newly established startups will not be frozen during tax disputes until a court decision has been issued.