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SOFAZ to bring the purchased gold to country duty-free

22 October 2012 08:59 (UTC +04:00)

The Cabinet of Ministers made amendments to Decision on rates of custom duties on export-import operations in the Republic of Azerbaijan, adopted on April 22, 1998.

According to decision, customs duty will not be taken from the gold imported for the placement in assets of SOFAZ. Besides, the gold brought by SOFAZ will be freed from VAT, too. The mentioned decision was made on the basis of settled proposals between the Fund and Ministries of Economic Development and Taxes, as well as State Customs Committee.

Note that, within the framework of diversification program of assets, SOFAZ purchased 10 tons of gold, so far. This gold is preserved in London. After the decision of the Cabinet, the gold will be brought to Azerbaijan and kept at the Central Bank.

Remind that, as of October 1, SOFAZ purchased 10,891 kg of gold.