Azerbaijan is introducing the ability to transfer funds from a VAT deposit account to the State Social Protection Fund (SSIF).
The Economic Policy, Industry, and Entrepreneurship Committee of the Milli Majlis discussed amendments to the Tax Code. The bill aims to allow private sector representatives not involved in oil and gas to make such transfers.
The transfer will be effective from January 1, 2027, for a period of 4 years. Terms and conditions will be set by the relevant executive authority.
This change increases taxpayers' access to funds in their VAT deposit accounts, creates additional financial sources for social obligations, and supports the non-oil-gas private sector.
