Products manufactured in the Alat Free Economic Zone will be granted an export-related incentive, APA reports.
This is reflected in the amendments to the Law on Customs Tariff discussed at today's plenary session of the Milli Majlis.
Under the amendments, goods of Azerbaijani origin that are fully produced by a Free Zone legal entity in the Alat Free Economic Zone, or have undergone sufficient processing in accordance with processing criteria approved by the body (institution) designated by the relevant executive authority under the Commodity Nomenclature of Foreign Economic Activity, will be exempt from customs duties when brought from the Alat Free Economic Zone into the main economy in accordance with procedures determined by the body (institution) designated by the relevant executive authority.
The exemption will apply on the condition that at least 50% of the volume of such goods is exported outside the country and will remain in force for 15 years from the date of establishment of the Free Zone legal entity that produced or processed the goods.
The draft law was put to a vote and adopted in the third reading.
The law will enter into force on January 1, 2027.