75 percent of the income earned by journalists will be exempt from income tax without conditions.
“Tendencia” reports that this is reflected in the new article 102.1.30-1 proposed to the Tax Code.
According to the project, 75 percent of the income of individuals engaged in journalistic activity and whose calendar year income (excluding expenses) from this type of activity is up to 45,000 manats will be exempt from income tax.
It was noted that, in accordance with the version of article 102.1.30 of the Tax Code in force as of 01.01.2024, individual entrepreneurs who are microentrepreneurs with no less than 3 average monthly salaries of workers for the corresponding year and who do not owe obligations. Companies have the right to state social security contributions. 75% of the income from its activities is exempt from income tax. There are a series of individuals who carry out individual professional activities who cannot be taxpayers of the simplified tax because they provide services to other taxpayers and not to the population. When these people operate individually, they cannot make use of the discount provided for in article 102.1.30 of the Tax Code. For this reason, in order to ensure the application of fair taxation to microentrepreneurs whose annual turnover is up to 45 thousand manats, to entrepreneurs operating in some service areas, 75 percent of the income obtained by those people without applying any conditions (3 employees and absence of debt for mandatory state social insurance, it is proposed to modify the Tax Code regarding exemption from income tax.
If this law is approved, it will come into force on January 1, 2025.
