Who will receive a 50% VAT refund? – New concessions in the cultural sector

The range of tax benefits in the cultural sector is expanding.

Oku.Az informs that for entrepreneurs who work in this area, the property tax will be applied in its entirety and the income tax will be applied with a 90% discount for the next 5 years. That is, entrepreneurs are totally exempt from land tax, but only 90% of their profits or income are exempt.

At the same time, the number of entities using tax benefits is increasing. Previously, this list included only those who filmed, but under the new rules, theaters, museums, symphony orchestras and film producers will also be able to take advantage of this discount.

50% of VAT paid without cash will be refunded for theater performances, film screenings, museum visits and symphony orchestra concerts. This means that half of the value added tax for payments in this area will be returned to the account as a refund.

Deputy Vugar Bayramov Oku.AzHe said that this project has already been accepted in first reading in the Economic Policy, Industry and Entrepreneurship commission and recommended to the plenary session.

He also noted that these concessions are to support the cultural sector.

Firangiz Agalarova