A customs duty exemption will be introduced for goods produced in the Alat Free Economic Zone, APA reports.
The provision is reflected in the proposed amendments to the Law "On Customs Tariff," which were discussed at today's session of the Milli Majlis.
According to the draft, goods originating in Azerbaijan that are fully produced by a Free Zone legal entity in the Alat Free Economic Zone, or sufficiently processed there in accordance with the processing criteria approved under the Commodity Nomenclature for Foreign Economic Activity by the body (institution) designated by the relevant executive authority, will be exempt from customs duties when brought from the Alat Free Economic Zone into the principal customs territory. The exemption will apply for 15 years from the date of establishment of the Free Zone legal entity that produced or processed the goods, provided that at least 50 percent of the volume of those goods is exported outside the country, in accordance with the procedure established by the body (institution) designated by the relevant executive authority.
If adopted, the law will enter into force on January 1, 2027.
The draft law was put to a vote and passed on first reading.
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