BAKU, Azerbaijan, November 4. Azerbaijan has additional potential to increase budget revenues from property tax, as some large commercial properties are not currently subject to the tax, Chairman of the Chamber of Accounts Vugar Gulmammadov said.
He made the remarks during a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship, where he addressed the draft state budget for 2027.
According to him, an audit conducted by the Chamber of Accounts found that some legal entities own large areas of real estate, including commercial properties, but these assets are not recorded as fixed assets for tax purposes and are therefore not subject to property tax.
"The reasons why these properties are not subject to property tax are generally related to delays in obtaining the documentation required to put real estate into operation," he said.
Gulmammadov noted that property tax revenues are projected to account for 0.3 percent of Azerbaijan's gross domestic product (GDP) in 2027.
