Web Desk February 2, 2021

It is proposed to exempt from taxation the import of machine tools, equipment, and fixtures used in the jewelry industry in Azerbaijan, Trend reports.

This issue is reflected in the amendments to the Tax Code, submitted for discussion at a plenary session of the Azerbaijani Parliament held on Feb.2.

Accordingly, in order to carry out reforms in the jewelry industry, prevent the outflow of foreign currency abroad, encourage local entrepreneurs involved in the production and processing of gold and silver jewelry, promote the development of such ancient professions as jewelry and painting, and support their activities, it is proposed to exempt from taxation from January 1, 2021, for a period of three years, the import on the basis of supporting documents of machines, equipment, and devices for the production and processing of jewelry made of gold and silver.

It is also proposed to exempt the sale of gold and silver in bars, coins, and pellets from the excise rate from January 1, 2021, for a period of three years.

Given that Azerbaijan’s liberated Kalbajar district has large reserves of gold, these tax breaks will contribute to the country’s economy by ensuring the efficient use of the region’s gold reserves.

After discussions, the amendment was adopted on first reading by vote.

 

Source: TREND News Agency

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