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Azerbaijan to lower customs duties, tax burden on jewelry imports for 2021

Business Materials 23 December 2020 11:08 (UTC +04:00)
Azerbaijan to lower customs duties, tax burden on jewelry imports for 2021

BAKU, Azerbaijan, Dec.23

By Fidan Babayeva – Trend:

A decrease in customs duties and tax burden on the import of finished jewelry goods and raw materials for their production to Azerbaijan is expected in 2021, Toghrul Abbasguliyev, the Board Chairman of the Azerbaijani Jewelers Association, told Trend.

According to Abbasguliyev, in 2020, on the initiative of Azerbaijan Ministry of Economy, together with the ministry’s representative office, the Agency for Development of Small and Medium-Sized Enterprises (SMEs), AzerGold CJSC, the Customs Committee and representatives of the jewelry business, a working group was set up to discuss the prospects for the development of the jewelry market in Azerbaijan, including a possible decrease in customs duties and tax burden on the import of finished jewelry goods, as well as raw materials for their production to the country.

"The working group has completed its work and all documents are now being approved by the relevant State structures," the chairman emphasized.

Touching upon the activities of the association, he also noted that in the outgoing year, the association’s website - www.zergerler.az was launched, which along with the activities informs the readers about the latest news from the jewelry segment of Azerbaijan and the whole world, the exchange price of gold, silver, allows to obtain more information about Azerbaijani jewelry brands.

The Jewelers Association was established on February 14, 2020, by the initiative and support of the Agency for SMEs under the Ministry of Economy.

The association’s goal is to support the development of the jewelry industry, promote and implement initiatives in this sector, coordinate entrepreneurs, especially small and medium-sized businesses, and expand cooperation between them.

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Follow the author on Twitter: @Fidan_Babaeva

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