Goods imported to Azerbaijan with external financing to be subject to customs duties
Azerbaijan abolished customs exemptions for goods imported with external funding. These exemptions have been in force since April 22, 1998, and their validity will be finalized before December 19, 2013.
The Azerbaijani Cabinet of Ministers has made changes to the current decision "On rates of custom duties on export-import operations".
According to the changes, goods which are brought into the country through foreign loans of individuals and legal entities, foreign governments, international organizations, and also with Azerbaijan's share in the projects with external funding were withdrawn from the list of goods not subject to the import customs duties, the Cabinet Minister's decision said.
According to the decision, the changes do not apply to goods imported into the country with financial aid, grants or technical assistance.
Rules on creation and management of duty free approved in Azerbaijan
Azerbaijan's Cabinet of Ministers approved the rules for creating duty free shops and the regulation of their activities, a message of the Cabinet of Ministers said.
According to the rules, permission for creation of such shops is given by the State Customs Committee of Azerbaijan. Appeal for permission should be considered within 30 days and in the case of detection of shortcomings in the documents of the term is extended for another 15 days. Permission is issued for a period of five years.
The rules also define the requirements for the work of such shops. Duty-free shops can be created in the area of customs control, at international airports and sea ports and border customs checkpoints.
Azerbaijani parliament approves increase in cost of living and criteria of need
The Azerbaijani Parliament adopted bills on the budget of the State Social Protection Fund, the cost of living and criteria of need for 2014.
According to the project it is projected to increase the State Social Protection Fund's expenditure and revenue by 11.2 per cent or 295.8 million manat up to 2.928 billion manat in 2014.
The cost of living in the country will be increased from 116 manat this year to 125 manat in 2014 including for the able-bodied population to 136 manat (125 manat in 2013) and for children and pensioners to 103 manat (93 manat and 94 manat respectively).
The bill on 'Criterion of need for 2014', envisages an increase of this criteria for targeted social assistance from 93 manat in 2013 to 100 manat.
Moreover, MPs approved the expenditure estimate of the Azerbaijani Parliament and the Chamber of Accounts for 2014.
Azerbaijani parliament approves draft state budget for 2014
Milli Majlis (parliament) of Azerbaijan has approved the draft state budget for 2014.
Azerbaijan extends tax preferences for agricultural producers
Azerbaijan extended the tax preferences for agricultural producers for five more years. The Azerbaijani parliament approved changes to the law 'On provision of temporary tax preferences to agricultural producers'.
According to the changes to the law, starting from January 1, 2014, individuals and legal entities engaged in the production including industrial production of agricultural products, will be once again exempt from all taxes except land tax for a period of five years. Tax preferences for agricultural producers have been implemented in Azerbaijan since 2001.
These preferences implemented in Azerbaijan, allowed agricultural producers to save 1.4 billion manats (approx. $1.7 billion).
In this period the volume of agricultural production in the country increased from 1.2 to 4.8 billion manats.
Azerbaijan introduces voluntary dissolution of legal entities
The Milli Majlis (parliament) of Azerbaijan approved the amendments to the Civil Code, at a session.
The amendments include introduction of a fine for intentional acceptance of official declaration, which confirms the solvency for covering all claims of a liquidated legal entity's creditors. The fine for office-holders is set at 1,000 manats.
The amendments also define the term of liquidation of legal entities, which is set at a maximum of one year.
According to the amendments, the term of registration of branches and representative offices of foreign legal entities will be reduced to a maximum of two days. Local limited liability companies will be able to register right after submission of an electronic application or within a single day in case of conventional address.