Income from the lease of residential areas owned by individuals (excluding accommodation facilities located in hotels and hotel-type facilities) to individuals will be taxed at a rate of 10 percent at the source of payment.
Elchi.az reports that this is reflected in the amendment to the Tax Code approved by President Ilham Aliyev.
Thus, while the current legislation stipulates the payment of 14% tax on income from renting apartments by individuals, the new amendments reduce this limit to 10%.
If the rent is paid by an individual who is not registered as a taxpayer, the lessor himself or his appointed tax agent will pay the tax at a rate of 10 percent in accordance with this article and will be registered for tax and file a declaration.