Baku/29.08.19/Turan: President Ilham Aliyev signed on August 28 a law amending the Tax Code, according to which, the list of goods exempted from VAT includes spare parts for agricultural machinery.
Both manufacturers and importers of spare parts for agricultural machinery are exempt from VAT (18% of the value of the goods). Trade in spare parts for agricultural machinery is also exempt from VAT. At the same time, there is no time limit for this tax benefit norm. In a decree of August 28 on the application of the law, the head of state instructed the Cabinet of Ministers to approve within three months a list of spare parts for agricultural machinery that are exempt from VAT.
According to the Tax Code, import and sale of many goods related to agricultural production are exempted from VAT in Azerbaijan, including: irrigation equipment and structures; breeding animals; seeds and nurseries; mineral fertilizers and pesticides; equipment for poultry and beekeeping, as well as seed production, including laboratory equipment; machines for cleaning and sorting seeds, grains and dried leguminous plants; veterinary preparations for the diagnosis and treatment of animals and birds. There is also an urgent regime for the sale of poultry meat (3 years starting in January 2017), the import and sale of wheat, the production and sale of bread (4 years starting in January 2017). --0--
Economics
-
Azerbaijan's Energy Minister Parviz Shahbazov has traveled to Italy to participate in the inaugural ministerial meeting of the World Fusion Energy Group (WFEG), scheduled for November 6, 2024, in Rome. The event will be co-chaired by Italian Prime Minister Giorgia Meloni and International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi.
-
Azerbaijan has introduced a new national standard for Environmental, Social, and Corporate Governance (ESG), officials announced during a briefing organized by the Small and Medium Business Development Agency (KOBİA) at the “Baku SME House.” The event featured Ilham Bayramov, Director General of the Azerbaijan Institute of Standardization (AZSTANDART), and Natig Hasanov, First Deputy Chairman of KOBİA, who provided media representatives with detailed information on the standard's benefits for businesses.
-
Azerbaijan Railways CJSC (ADY) transported 6.267 million tons of transit cargo from January to October 2024, marking a 7% increase compared to the same period in 2023. In October alone, transit shipments reached 614,584 tons, 14% higher than in October of the previous year.
-
During the virtual conference "COP29 Action Program: Energy Initiatives and Commitments" on November 4, UNIDO (United Nations Industrial Development Organization) expert Smeeta Fokeer highlighted the importance of adopting international commitments on hydrogen and tripling renewable energy capacities by 2030 at COP29 in Baku.
Leave a review