Baku: The import of vintage motor vehicles into Azerbaijan will soon be exempt from VAT, excise tax, and customs duties. This development, reported by APA, comes as part of the proposed amendments to the Tax Code and the Law 'On Customs Tariffs,' which have been approved by President Ilham Aliyev through a decree.

According to Azeri-Press News Agency, the exemption applies to vehicles whose engine, body, and chassis are either in their original condition or have been restored to their original state, and were manufactured more than 40 years ago. The new regulations stipulate that such imports must be backed by a confirming document from the relevant state authority. Furthermore, the exemption is limited to a maximum of one vintage vehicle per individual per calendar year, with a nationwide total cap of 10 units annually.

The changes are set to reduce the financial burden for importers of rare vehicles by eliminating the associated VAT, excise tax, and customs duties. The new requirement will take effect 30 days after the law's publication.