Azerbaijan’s State Tax Service says authorized banks refunded 26,453,100 manat in VAT to individuals between January and September under the “VAT Refund” scheme, covering cashless purchases of residential and non-residential property.
The State Tax Service under the Ministry of Economy of Azerbaijan reported the figures from the “VAT Refund” project, which applies to residential and non-residential property bought from construction companies operating in Azerbaijan. The scheme lets citizens reclaim part of the value-added tax they pay when purchasing such property through cashless transactions.
Under the project, the refund process is carried out by authorized banks rather than the tax authority itself. Buyers who pay for property electronically can have a portion of the VAT charged on the purchase returned to them through these banks.
According to the State Tax Service, the total amount refunded to individuals under the scheme reached 26,453,100 manat for the January-September period.
