BAKU, Azerbaijan, November 27. Azerbaijan is set to implement a new procedure for classifying customs duty exemptions in order to assess the impact on the state budget, Trend reports.
According to the proposed changes, customs duty exemptions and privileges will be categorized under a system determined by the relevant authority, as outlined by the Executive Power.
The issue was addressed in an amendment to the law "On Customs Tariff," which was discussed during today’s session of the Azerbaijani Parliament.
The draft law emphasizes the need for a standardized classification system for customs duties exemptions and privileges, which will be established by the Cabinet of Ministers.
The implementation of this legislation is expected to improve the country's investment climate, promote sustainable development in key sectors of the economy, and boost private investments, including foreign direct investments, into strategic industries.
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