On 16 December 2016 the President of the Republic of Azerbaijan
signed a law amending the Tax Code (the "Amendment Law").
These are the long-awaited amendments whose adoption was expected
after the President signed on 4 August 2016 an instruction on the
directions of tax reforms in Azerbaijan for 2016.
Below is general summary of the changes introduced by the
Amendment Law.
Definition of Income Introduced
Nearly 16 years after the current Tax Code became effective, a
definition of the "income" now has been introduced. In
accordance with the Amendment Law, income is defined as the total
value of transactions in connection with the sale of goods (works,
services), as well as non-sales income.
