of October 28, 2008 No. 710-IIIQ
About stimulation of increase in level of capitalization of banks, insurance and reinsurance companies
For the purpose of acceleration of development of the financial sector, further improvement of quality of banking and insurance services, and also strengthening of solvency of banks, insurance and reinsurance companies and stimulation of increase in level of capitalization of the specified structures, Millie the Majlis of the Azerbaijan Republic decides:
1. Exempt within 3 years, since January 1, 2009, the part directed to increase in the authorized capital of profit of bank, insurance and reinsurance company on the tax discharge on profit.
2. This Law becomes effective from the date of publication.
President of the Azerbaijan Republic
Ilham Aliyev
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