BAKU, Azerbaijan, Feb. 23
By Fidan Babayeva - Trend:
Import of machine tools and equipment used in the jewelry sector in Azerbaijan has been exempted from VAT, Trend reports.
This issue was reflected in the amendment to the Tax Code, which was discussed at a meeting of the Azerbaijani Parliament on Feb.23.
In accordance with the proposed changes, the goal of the reform of the jewelry industry is to prevent the outflow of foreign currency abroad, to encourage local entrepreneurs involved in the production and processing of jewelry made of gold and silver, and to create jobs based on the supporting document.
It is proposed to exempt from value-added tax (VAT) the import of equipment and installations for a period of 3 years from January 1, 2021, and the sale of gold and silver in ingots, coins, and granules, as well as imported platinum, gold and jewelry, and other processed products from them, sorted diamonds - for a period of 3 years from January 1, 2021.
After discussions, the document was put to a vote and adopted in the third reading.