Finance

Finance

Tax concessions to be applied for oil-gas and oil-chemistry complex in Azerbaijan

11 April 2012 10:51 (UTC +04:00)

According to him, State Oil Company of Azerbaijan has already applied to the Cabinet of Ministers about adoption of special law.

Bayramov noted that, itâ€™s planned to establish complex in special legal regime and apply concessional tax and duties for exported goods and required equipments, simplify the migration legislation for involving of foreign specialists, apply concessions in insurance premiums and tax to reduce the expenditures for foreign specialists.

The regime covers to make amendments in several spheres of legislation. Exemptions from several taxes were planned and these will influence positively the value of the project.

The goods are offered to exempt from customs duties. Besides, the exemptions will be imposed to sale and purchase of imported equipments.

Simplified procedures on involving of foreign specialists are offered to consider.

Besides, it was offered to exempt the foreign specialists from payments to SSPF temporarily.

Bayramov noted that, rules on recognition of licences of contractors and subcontractors that obtained in abroad had to be determined.

Other proposals belong to standardization, currency regulation and other issues.