Azerbaijan, Baku, Feb. 2 / Trend , J.Babayeva /
The Azerbaijani Parliament adopted the Law on Introduction of Special Economic Regime in Export Oil and Gas Activity at the second reading.
Upon this law, the companies, who are registered in Azerbaijan, operate in accordance with Azerbaijan's legislation, have construction area in the country, infrastructure and staff will be exempt from VAT and customs duties while getting projects for realization from abroad.
Upon the law, the contractors and sub-contractors will pay taxes connected with export oil and gas activity envisaged by the law. Goods imported to and from Azerbaijan due to export oil and gas activity will be exempt from customs duties. The law also stipulates duties of contractors and sub-contractors on regulation labor contracts.
Adoption of the Law on Introduction of Special Economic Regime in Export Oil and Gas Activity will promote to develop not only oil, but non-oil sector of Azerbaijan's economy, said Valeh Alaskarov, vice speaker of Azerbaijan's Parliament, chairman of parliamentary commission on ecology, natural resources and energy.
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