Tax will be levied at a rate of 10 percent at the source of payment from incomes obtained from renting residential areas belonging to individuals (excluding accommodation facilities located in hotels and hotel-type objects) to individuals.
Modern.az reports that this is reflected in the amendment to the Tax Code approved by President Ilham Aliyev.
Thus, whereas the existing legislation stipulated the payment of 14% tax on income obtained by individuals from renting apartments, in the new amendments, this limit is reduced to 10%.
When the rent is paid by an individual not registered as a taxpayer, the lessor himself or the tax agent appointed by him will pay the tax at a rate of 10 percent in accordance with this article and will be registered for tax purposes and submit a declaration.
