Azerbaijan exempts select energy operations from duties and taxes

Business Materials 29 July 2010 11:18 (UTC +04:00)

Azerbaijan, Baku, July 29 / Trend, I. Khalilova /

The Azerbaijani government exempted from customs duties and taxes this week transfers of primary assets and personal property to Azerbaijan in accordance with oil and gas and export pipeline exploitation and production division agreements.

The legislation was approved by the Azerbaijani Cabinet of Ministers.

The legislation will exempt assets transferred to the State Oil Fund of the Azerbaijan Republic or any legal entity representing Azerbaijan under oil and gas agreements.

The decision came into force July 16.

The maximum import customs duty in Azerbaijan is 15 percent with VAT at 18 percent.