Azerbaijani persimmon exporters experience difficulties when cashing out

Business Materials 10 January 2019 20:16 (UTC +04:00)

Baku, Azerbaijan, Jan. 10

By Huseyn Valiyev – Trend:

Azerbaijani exporters of persimmon experience difficulties when cashing out, and this negatively affects exports of these products, Chairman of the Azerbaijan Persimmon Manufacturers and Exporters Association Gadir Yusifov told Trend.

He said that restrictions imposed by banks in relation to both VAT of taxpayers and simplified taxpayers constitute those difficulties.

“VAT taxpayers cannot cash out a monthly amount of over 30,000 manats, and simplified taxpayers cannot cash out a monthly amount of over 15,000 manats,” he said. “That is, if a taxpayer exports persimmon worth 50,000 manats, he cannot completely cash it out. It creates a very big stir, and that’s why many entrepreneurs turn to us, but, unfortunately, we cannot do anything.”

The reason is that the Financial Market Supervisory Authority of Azerbaijan (FIMSA) doesn’t allow banks to cash out money, he noted.

“I believe that it would be cost-effective that these restrictions won’t apply to exporters of agriculture products,” he said. “Exporters sell the grown product legally and the proceeds from sales come from official sources according to the contract and invoices. It remains only to give entrepreneurs the opportunity to manage their money at their discretion, as they need to cover their expenses.”

This situation puzzles businessmen and they don’t understand why they cannot get access to their own money, he added.