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Azerbaijan to up excise rates on imported precious metals in 2017

Business Materials 16 December 2016 22:59 (UTC +04:00)
Azerbaijan will increase excise rates on imported precious metals and gemstones in 2017, according to the amendments to the Tax Code approved at a plenary meeting of the Parliament Dec. 16.
Azerbaijan to up excise rates on imported precious metals in 2017

Baku, Azerbaijan, Dec. 16

By Azad Hasanli – Trend:

Azerbaijan will increase excise rates on imported precious metals and gemstones in 2017, according to the amendments to the Tax Code approved at a plenary meeting of the Parliament Dec. 16.

According to the amendments, the country will also introduce an excise duty on import of fur and leather items in 2017.

Taxable item

Excise rates valid until late 2016

Excise rates to be applied in 2017

Platinum

2 manats per gram

4 manats per gram

Gold, jewelry and other items made of gold:

9K (375 parts per 1000)

0.8 manats per gram

1.5 manats per gram

12K (500 parts per 1000)

1 manat per gram

2 manats per gram

14K (585 parts per 1000)

1.2 manats per gram

2.4 manats per gram

18K (750 parts per 1000)

1.5 manats per gram

3 manats per gram

23K (958 parts per 1000)

1.8 manats per gram

5 manats per gram

24K (999 parts per 1000)

2 manats per gram

6 manats per gram

Diamonds (processed, sorted, faceted and fixed)

200 manats per carat

400 manats per carat

Fur and leather items

-

10% of the customs value, not less than the wholesale market price

If a diamond is less than one carat, the excise rate will be reduced in line with its size.

The import by an individual of 20 grams of gold, jewelry and other items made from gold as well as 0.5 carat of processed, sorted, faceted or fixed diamonds for personal use are exempt from excise duty.

(1.7525 manats = $1 on Dec. 16)

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