COP29 non-resident participants to be exempt from taxes

Azerbaijan has approved a law on tax exemption for non-residents who will participate in the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku in autumn 2024.

Within the framework of COP29 on 21 May 2024, the Tax Code was amended to determine tax benefits for the activities of non-residents, Caliber.Az reports, citing the State Tax Service under the Ministry of Economy.

Thus, based on the relevant supporting document of the Ministry of Ecology and Natural Resources, the income of non-resident individuals participating at COP29 in the provision of goods, works and services from 1 March 2024 is exempt from income tax for 9 months.

Besides, non-resident legal entities are exempt from income tax for the same period from income from works and services, as well as income from royalties on the basis of an agreement concluded with the Ministry of Ecology.

In addition, non-residents are exempt from VAT for 9 months on imported goods based on a supporting document from the Ministry of Ecology.