Azerbaijan eyes to greatly reduce VAT on imports of butter, dairy products

Mon 13 November 2017 17:28 GMT | 21:28 Local Time

Text size: bigger smaller
W1siziisijiwmtcvmtevmtmvmjevmzqvmtuvyje2yzlmn2mtmwiyys00nwrmltlmowmtmdu3ody5ymmzmdeyl3rhcmlmxzaxmtaxm18zlmpwzyjdlfsiccisinrodw1iiiwimzywedi3mcmixv0?sha=a3e15f59a24f9385

There is a plan to reduce the value-added tax (VAT) rate from 18 to 10 percent when importing butter and several types of dairy products to Azerbaijan, Mirgasim Vahabov, head of the Main Department for Finance, Tariffs and Currency Control at the State Customs Committee, told ATV channel.

He noted that relevant amendments are planned to be introduced to the tax legislation and they can come to force as early as Jan. 1, 2018.

“Currently, preparatory work is being carried out in this direction,” he added, according to Trend.

At the same time, he reminded, entrepreneurs in Azerbaijan should be socially responsible and they shouldn’t set the maximum possible margin on the goods sold.

“In accordance with the law, entrepreneurs must set a margin of 20-30 percent of the value of the goods they sell,” Vahabov added.

Currently, tax and customs duties on the import of butter in Azerbaijan are 36 percent [15 percent - the customs rate, 18 percent - VAT, 3 percent - transportation costs].

On Nov. 7, the Cabinet of Ministers of Azerbaijan reduced the rate of customs duty on imports of butter and other fats from 15 to 5 percent. The decision will enter into force within 30 days after its publication and will be valid until Dec. 31, 2019.

News.Az

Printer

Commentary

Most read articles

More from Economy

In The Region

Editor Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate