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)