"Deposits in banks were exempted from tax for 7 years from February 1, 2016."

According to APA, this was said by Vugar Bayramov, a member of the Committee on Economic Policy, Industry and Entrepreneurship, at the parliamentary session today.

Vugar Bayramov said that according to the Tax Code, the annual interest income paid by a local bank and a branch of a foreign bank operating in Azerbaijan on the deposits of individuals, as well as the dividend and discount interest income paid by the issuer on investment securities are exempt from income tax. the day ends.

In addition, the latest amendments to the Tax Code did not provide for the extension of the grace period under this article.

This means that if this article is not amended, then the tax on savings will be calculated from tomorrow.

It would be appropriate to amend the code and extend the grace period for another year, or to exempt insured deposits from income tax.

In the first case, it is possible to prepare a new mechanism within the next 1 year.

That mechanism will no longer cause any difficulties when it is implemented in February 2024.

In the second case, since the deposits of the majority of depositors are insured, this will cover most individuals.

Committee member Vahid Ahmadov said that he spoke with the chairman of the Central Bank and the head of the Association of Banks about this issue yesterday: "They are also worried about this issue.

This issue should be discussed in the Economic Council.

We ask that the issue be considered in the Economic Council."