BAKU, Azerbaijan, July 28. Some private
companies will be able to direct part of the assets from their VAT
deposit accounts to the State Social Protection Fund (SSPF) in
Azerbaijan.
President of the Republic of Azerbaijan Ilham Aliyev has
approved the relevant law on amendments to the Tax Code. The
document text was published on the official website of the
President of Azerbaijan.
According to the document, the new mechanism will be applied for
a period of 4 years from January 1, 2027. The rules and conditions
for the application of the mechanism will be approved by the body
determined by the relevant executive authority.
The law will come into force on January 1, 2027.
President Ilham Aliyev also signed a Decree to ensure the
implementation of the law.
According to the document, the Cabinet of Ministers must approve
the procedure and conditions for transferring funds from the
value-added tax deposit account to the state social protection fund
by taxpayers not engaged in oil and gas activities and belonging to
the non-state sector within three months and inform the President
of the Republic of Azerbaijan.
