BAKU, Azerbaijan, November 27. The Azerbaijani parliament has approved the first reading of a draft law on amendments to the law "On customs tariff", envisaging benefits on customs duties, Trend reports.
The draft was discussed during a plenary session of the parliament today.
According to the new amendments, certain additions were proposed to the law.
One of them involves the assessment of customs duties exemptions and privileges, which will be classified in a manner determined by the relevant executive authority to evaluate their impact on the state budget's revenues.
Imports of machinery, technological equipment, and installations, as well as raw materials and supplies by individual entrepreneurs and legal entities under public-private partnership projects, will be exempt from customs duties. These exemptions will be applied in accordance with agreements signed under the law on "public-private partnership" for a period of up to 30 years. Imports of equipment and machinery by individual entrepreneurs and legal entities involved in projects related to electricity production will also benefit from certain exemptions. These will be based on agreements for the use of renewable energy sources and will be applied for no more than 30 years. From 2025, imports of spare parts for buses by legal entities will also benefit from certain exemptions, which will be valid for eight years.
These amendments will come into effect on January 1, 2025.
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