$25 mln to enter state budget

Finance ministries of Azerbaijan and Russia are expected to sign a cooperation agreement shortly, which is intended to fetch $25 million for the state budget of Azerbaijan.

The Ministry of Finance told AssA-Irada Friday that a good deal has been done to liquidate double taxation and deduction of indirect tax.

The inter-governmental agreement "On principles of deduction of indirect tax" has already been ratified by the Milli Mejlis and Russian State Duma and the treaty is expected to become effective after being signed by the two presidents. As a result, the Value Added Tax on goods imported from Russia will be deducted by Azerbaijan, which, in turn, will earn $25 million for the state budget this year.*