Tax breaks will be introduced in Azerbaijan as a form of state support for the development of theater and cinema, museum and symphony orchestra activities, thin is reflected in the amendments to the Tax Code, AAPA reports.
Therefore, starting from today:
- 50 percent of the VAT paid in cash by consumers who are individuals for services provided in the field of theater performances, film screenings, museum visits and symphony orchestra concerts will be refunded to those individuals;
- 90 percent of the profits of theaters, museums, symphony orchestras, as well as cinematographic enterprises and film producers registered in the Republic of Azerbaijan in accordance with the procedure established by law and engaged in film production and dubbing, and film producers will be exempt from profit tax for 5 years;
- 90 percent of the income of individuals engaged in film production and dubbing and the film producer from that activity will be exempt from income tax for a period of 5 years;
- theaters, museums, symphony orchestras, as well as cinematographic enterprises engaged in film production and dubbing, and film producers will be exempted from land tax for a period of 5 years for the lands on which the facilities where these activities are carried out are located;
- For the use of copyrights or the granting of rights of use over intangible assets related to the production, distribution and dubbing of films by a theater, museum, symphony orchestra, as well as royalty income will be exempted from the applicable tax at a rate of 14% for a period of 5 years.
