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Azerbaijan may exempt import of equipment for jewelry production from taxes

Economy Materials 27 January 2021 10:24
Azerbaijan may exempt import of equipment for jewelry production from taxes

BAKU, Azerbaijan, Jan. 27

By Elchin Mehdiyev – Trend:

It is proposed to exempt from taxation the import of machine tools, equipment and fixtures used in the jewelry industry in Azerbaijan, Trend reports.

This issue is reflected in the amendments proposed to the Tax Code, on Tuesday.

Accordingly, in order to carry out reforms in the jewelry industry, prevent the outflow of foreign currency abroad, encourage local entrepreneurs engaged in the production and processing of gold and silver jewelry, promote the development of such ancient professions as jewelry, support their activities, it is proposed to exempt from taxation the import from January 1, 2021 for a period of three years on the basis of a supporting document of machinery, equipment and devices for the production and processing of jewelry made of gold and silver.

It is also proposed to exempt from VAT the sale of gold and silver bars, coins and granules for a period of three years from January 1, 2021.

Considering that the liberated Kalbajar district is rich with large reserves of gold, these tax breaks will contribute to the country's economy, as they will ensure the efficient use of the gold reserves of this district.

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