Tax burden of banks to be cut

One of the proposals to reduce the tax burden of business entities and stimulate entrepreneurial activity relates to lowering of the tax burden for banks. 

banks.az reports that according to the draft amending document, it envisages benefits for banks that carried out their social corporate responsibility during the Patriotic War and after it. 
Thus, according to the package of amendments, the tax burden of banks that write off unpaid debts on loans to persons who became martyrs or wounded in the Patriotic War, as well as to persons who received the status of a family of martyrs, will be reduced.                          

In this regard, the draft amendments to the Tax Code provide that the write-off by banks and credit organizations of accrued interest on outstanding debts of persons who died or suffered in the Patriotic War, as well as persons who received the status of a family of martyrs, does not apply to the taxable income of banks and credit organizations, as well as to expenses less reserves created by these organizations for the principal amount of debts written off within these limits.