Azerbaijan, Baku, July 11 / Trend E. Aliyev /
Imports of petroleum coke, petroleum bitumen and residual products, oil refining and bitumen containing minerals and bitumen containing minerals to Azerbaijan will be exempt from paying value added tax (VAT). The corresponding decision on the inclusion of these products on the list of goods exempt from VAT was adopted by the Cabinet of Ministers of the Azerbaijan Republic on July 5.
The VAT rate in Azerbaijan is 18 per cent.
According to another decision of the Cabinet of Ministers, this group of goods is exempt from a customs duty, the rate of which is set at 15 percent and it will be taxed at a zero rate now.
Moreover, according to another decision of the Cabinet of Ministers, an excise tax rate for these types of petroleum products has been reduced from $ 30 to $1 per ton.
The decisions were adopted in accordance with the agreed proposals of State Oil Company of Azerbaijan (SOCAR), ministry of finance, ministry of economic development, ministry of taxes, ministry of justice and the State Customs Committee.
The decision will come into force from the date of signing and will be valid till January 1, 2014.