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.
