TODAY.AZ / Business

Azerbaijan may reduce import duties on some types of goods

06 June 2018 [14:00] - TODAY.AZ

By  Trend

Azerbaijan can reduce import duties on some types of goods, Chairman of the State Customs Committee (SCC) of the country Safar Mehdiyev told reporters.

"Customs duties on some imported goods can be reduced. This issue can be considered during the discussion of the package of changes and proposals for the next year," Mehdiyev said.

The Chairman of the SCC noted that the received proposals are mainly related to the reduction of duties on imported raw materials, which are further used in production.

"The government will consider all the proposals from entrepreneurs and, if necessary, will make the appropriate decision," Mehdiyev added.

A new system of customs duties came into force in Azerbaijan from January 1, 2018.

The new duties are regulated by the "Nomenclature of goods of foreign economic activity, customs rates for import and export". The new system, which came into force this year, is a three-tier system. Since 2001, there have been seven rates in Azerbaijan - "0", "0,5", "1", "3", "5", "10" and "15" percent. Now, from this year, there are only three rates - "0", "5" and "15" percent.

A large part of industrial goods (raw materials and equipment) including even those, which previously were charged a customs duty of 0.5 percent, is taxed at a zero rate this year. This applies to those types of commodity groups (in particular, groups 84 and 85), which are already subject to VAT at a zero rate based on the order of the Cabinet of Ministers.

Semi-finished products are subject to a customs rate of five percent. As regards the finished products, the relevant rate has increased to 15 percent.


Print version

Views: 753

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: