Baku, Azerbaijan, May 24
By Anvar Mammadov – Trend:
Rules of refunding the value-added tax (VAT) during the next shopping festival may be changed, Azerbaijani Culture and Tourism Minister Abulfas Garayev said at a press conference in Baku dedicated to the results of the first Baku Shopping Festival.
He said the changes will mainly concern the period of VAT refund and the promotion of non-cash settlements.
The first Baku Shopping Festival was held from April 10 to May 10 with organizational support of the Azerbaijan Convention Bureau under the Ministry of Culture and Tourism.
“The VAT refunding should be as convenient as possible,” Garayev said. “We will consider the possibility of refunding VAT within three or five days. At the same time, we should encourage the development of non-cash payments in Azerbaijan. As is known, when refunding VAT in non-cash form, the funds appear in a bank account within 10 days, and gradually we will prepare proposals to simplify this system.”
He said the changes may also affect the expansion of the range of the products offered.
In turn, Deputy Minister for Taxes of Azerbaijan Sahib Alakbarov noted that according to studies, the majority of the goods were purchased in the Port Baku Mall, which brings together major global brands.
He added that VAT worth 788,760 manats was refunded on the invoices issued in this mall alone, and this is about a half of the total VAT refunded during the festival.
The second Baku Shopping Festival will be held in October.