Baku, Azerbaijan, Jan. 29
By Anvar Mammadov - Trend:
The custom duty rates should be reconsidered in Azerbaijan, Safar Mehdiyev, the Azerbaijani First Deputy Chairman of the State Customs Committee, told reporters Jan. 29.
"The custom duty rates are not expected to be sharply increased," he said.
He said that the relevant proposals have been submitted for consideration to the Cabinet of Ministers.
"The change in customs duties does not mean only their increase and as a result - an increase in prices," he said. "The tariffs for some goods will be reduced and for others - increased but by pursuing one main purpose - to protect the domestic market."
Mehdiyev said that this decision was taken to fulfill the forecast of customs revenues to the state budget-2016 amid the elimination of VAT on certain imported products, as well as providing the industrial parks with seven-year tax holidays.
Since 2001, Azerbaijan has been using a multi-stage differentiated tariff system with a rate of 0, 0.5, 1, 3, 5, 9 and 15 percent.
At present, a number of imported goods are subject to the maximum rate of customs duty (15 percent) to protect domestic products from the negative impact of foreign competition.