Baku, Azerbaijan, Apr. 10
Trend:
The Baku Shopping Festival has kicked off in Azerbaijan’s capital for the first time.
The festival, which will last until May 10, is being held in accordance with the decree of Azerbaijani President Ilham Aliyev “On additional measures to develop tourism in Azerbaijan” dated Sept.1, 2016.
The purpose of holding trade festivals is to increase the economic and tourist potential of Azerbaijan, stimulate the country’s trade turnover by encouraging entrepreneurship.
These festivals also provide for encouragement of the tax system, improvement of tax administration through the application of the VAT refund system for the goods not intended for production or commercial purposes and which were purchased by individuals during the trade festivals in Azerbaijan, the development of a system for servicing taxpayers.
During the festival, the Tax Free system will be applied for the first time regarding the citizens of Azerbaijan.
Facilities that have joined the VAT refund system will have special stickers entitled “Baku Shopping Festival - Tax Free.” VAT will be refunded only to those citizens of Azerbaijan who purchased the goods at the facilities with such a sticker.
VAT can be refunded in the branches of five banks - Kapital Bank, PASHA Bank, Yapi Kredi Bank Azerbaijan, Bank Silk Way and Azerbaijan Industry Bank.