Last week’s laws, orders and decrees in Azerbaijan (Oct.22-26)
Azerbaijan approves rules for selling seized property at customs auctions
The Cabinet of Ministers has approved the rules on customs auctioning off goods and vehicles transferred to public ownership.
These rules shall govern the sale of goods and vehicles seized by a decision of the Criminal Court and other offenses in the field of customs, as well as transferred to state ownership after the refusal of a person in favor of the state.
The association Azərterminalkompleks, subordinated to the State Customs Committee will act as a seller and organizer. The initial selling price of goods offered for sale in the auction shall be determined on the basis of free (market) prices in accordance with the law "On appraisal activities."
In accordance with the Customs Code, the fee for participation in the auction should not exceed 0.5 percent of the original purchase price of the property.
Customs officials, the structures subordinated to the committee, and members of their families can not purchase the property, transformed into state property.
Additional resources allocated for development of Baku and its settlements President of Azerbaijan Ilham Aliyev has signed an Order on additional measures to speed up the social and economic development of Baku and its suburbs. The Order allocates 5 million manat for the reconstruction of the Zabrat-Mashtaga-Buzovna and Zabrat-Kurdakhani-Pirshaghi highways. The highways will link capital Baku with Zabrat, Mashtagha, Pirshaghi, Kurdakhani, Buzovna and Bilgah suburbs with the total population of nearly 200,000 people. Under the presidential order, the funds were allocated to the Ministry of Transport from the President`s Reserve Fund for 2012. Gold imported by Azerbaijani State Oil Fund exempted from customs duties
According to the decision of the Azerbaijani Cabinet of Ministers, gold imports into the country for the needs of the State Oil Fund of the Azerbaijani Republic (SOFAZ) are exempt from VAT and customs duties, SOFAZ told Trend today.
SOFAZ has begun a weekly purchase of 10,000 ounces of gold since Feb. 1, 2012. As of July 1, 2012, the investment portfolio included 6,847 kilograms (220,146 ounces) of gold.
"The decision was made to exempt gold imported into the country by SOFAZ from VAT and customs duties," SOFAZ said.
Earlier, SOFAZ head Shahmar Movsumov said that as of September 18, SOFAZ bought 10 tons of gold, stored in UK banks.
SOFAZ previously negotiated with the central bank to store gold in the country.
In total, SOFAZ plans to buy in stages about 30 tons of gold within two years in connection with a risk of price changes, SOFAZ head said.
According to SOFAZ investment strategy, approved by Azerbaijani President Ilham Aliyev as of December 29, 2011, up to 5 percent of SOFAZ total investment portfolio may be invested in gold in 2012.
SOFAZ was established in 1999. Its assets hit $ 271 million.
SOFAZ assets, as of January 1, 2012, increased by 30.9 percent up to $29.8 billion compared to early 2011 ($22.766.8 billion). During the first half of 2012 SOFAZ's assets increased by 9.6 percent to $ 32.666 million.
It is predicted that by late 2012, SOFAZ assets reach the level of $34 billion.
Azerbaijan toughens ship requirements for inland territorial waters
An additional four documents have been included in the list of documents required for ships registering in the State Ships Register by a decision of the Azerbaijani Cabinet of Ministers.
Amendments were made by the decision dated Oct. 22 to the rules of navigation in the inland territorial waters of Azerbaijan.
Under the amendments, ships, on the register, should also have the following documents -- a certificate of compliance of the vessel with the requirements of the International Ship and Port Facility Security Code, a certificate of compliance of the vessel with the requirements of the International Safety Management Code, a document on the incessant notes of the history of the ship and a certificate of insurance or other financial provision in connection with civil liability for the damage caused by bunker fuel.