Azerbaijan, Baku, Sept. 19. / Trend U.Ismayilova /
The Azerbaijani Cabinet of Ministers made a decision to cancel value added tax and customs duties for import goods intended for realization of investment projects to encourage the development of tourism in the mountainous area, located at 1,300 meters above sea level, the Cabinet of Ministers said.
These privileges are applied if local raw materials cannot meet the demands while implementing investment projects, the same source said.
This solution would provide additional impetus to socio-economic development of mountainous areas of the country, increase employment opportunities for local people, stimulate investment and entrepreneurial activity in the tourism sector and encourage the development of tourism in mountain areas.
The Cabinet of Ministers made a decision on the basis of the suggestions from the Ministries of Culture and Tourism, Economic Development, Finance, Taxation, Justice and the State Customs Committee.
This decision is an addition to decision on addressing the promotion of tourism development in mountainous areas, an additional impetus to socio-economic development of these regions by encouraging investment and entrepreneurship in tourism, as well as increase of employment opportunities for local people.
Under the decision, the State Customs Committee was tasked to legalize the use of the provided emancipations for projects implemented on the basis of coordinated reference of the Ministries of Culture and Tourism, Economic Development, Finance, Taxes and Justice.
The Customs Committee together with the Ministry of Economic Development is charged to oversee the use of import goods on appointment.
The decision came into force on the date of signing on Sept.15, 2009.
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