Azerbaijan to launch Alat Free Economic Zone in 2022 (PHOTO)

Economy Materials 4 May 2021 14:30 (UTC +04:00)
Azerbaijan to launch Alat Free Economic Zone in 2022 (PHOTO)

BAKU, Azerbaijan, May 4

By Elchin Mehdiyev - Trend:

Azerbaijan’s Alat Free Economic Zone will start operating in July 2022, Tahir Mirkishili, chairman of the parliamentary committee on economic policy, industry and entrepreneurship, said, Trend reports on May 4.

Mirkishili made the remark presenting amendments to the law ‘On Alat Free Economic Zone’ at the plenary session of the parliament.

According to him, the bill was prepared in order to improve legislation in this area in accordance with international experience.

The bill envisages the following activities:

- clarification of the concept of a free zone resident (individuals who aren’t engaged in entrepreneurial activity);

- application of the legislation of Azerbaijan on counteracting the legalization of money or other property obtained by illegal means and the financing of terrorism (currently only the criminal legislation of Azerbaijan applies to the free zone);

- expanding the rights of the authorized body of the free zone to ensure the effectiveness of its activities (expanding rights, accepting obligations, acquiring property and disposing of it on its own behalf);

- management of taxation issues (adoption of local rules for the regulation and withholding of taxes and other issues in this direction);

- when providing financial services to legal entities, the legislation on the main economy will be applied;

- changes related to customs issues aimed at eliminating contradictions that may arise in customs relations from the moment the free zone starts functioning;

- investing in the free zone, transferring abroad funds received from activities in the free zone, as well as the work and conduct of operations with foreign currency are reserved only for the representatives of the free zone vested with such rights, their investors and shareholders (currently, much more persons can exercise this right).