Tax incentives for film production have been introduced in Azerbaijan, Azernews reports.
This was written by Vugar Bayramov, a member of the Economic Policy, Industry, and Entrepreneurship Committee of the Milli Majlis, on his facebook account.
He noted that according to the changes made to the Tax Code, 75 percent of the profit obtained from the entrepreneurial activity of the cinematographic enterprise registered in our country and producing and dubbing the film has been exempted from tax since January 1 of this year.
"Concessions will apply to enterprises that are not subjects of micro-entrepreneurship and will be valid for the next 3 years. It should be noted that these concessions are included in Article 106 of the said code, entitled Exemptions and Concessions.
The introduction of these concessions was important in terms of supporting local film production. Although there has been some activity in this sector in recent years, there are still difficulties in introducing fundamental products. The new concessions will not only increase the income of cinematographic enterprises but also create re-investment opportunities for them. This is expected to have a positive impact on the development of the film industry.
In addition to all this, it is advisable to further expand the range of tax benefits in this sector. In particular, there is a need to apply incentives that minimize the costs of cinematographic enterprises. Discussions in this direction will be continued," he said.
