Several oil products to be VAT-exempt in Azerbaijan
By Aynur Jafarova
Import of petroleum coke, petroleum bitumen as well as residual products of oil, oil refining and bitumen-containing minerals will be exempt from value added tax (VAT) in Azerbaijan.
The decision on including these goods in the list of VAT-exempt products was made by Azerbaijan's Cabinet of Ministers on July 5.
The rate of VAT in Azerbaijan is 18 percent.
According to the government's decision, this group of products is also exempt from customs duties, whose rate was previously set at 15 percent. Now it will be equal to zero percent.
According to another decision of the Cabinet of Ministers, the rate of the excise tax for these types of oil products was reduced from $30 to one dollar per ton.
These decisions were passed taking into account a proposal agreed upon with Azerbaijani state energy company SOCAR, the Ministries of Finance, Economic Development, Taxes and Justice as well as the State Customs Committee.
The decision will go into effect on January 1, 2014.
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