BAKU: Tax exemptions will be applied in Azerbaijan in connection with COP29, Trend reports.

The issue was reflected in the amendment to the Tax Code proposed by the Azerbaijani Parliament.

According to the amendment, based on the supporting document of the body (institution) established by the relevant executive authority, the income of non-resident individuals involved in the supply of goods, works, and services in connection with the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Azerbaijan shall be exempt from income tax for 9 months starting on March 1, 2024.

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70-80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous h
uman interference with the climate system. COP – the Conference of the Parties- is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. 198 countries are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

Source: Trend News Agency