Goods produced in Alat Free Economic Zone will be granted a 15-year customs concession.
Modern.az reports that the issue was reflected in the draft law on amendments to the "Customs Tariff Law" discussed at today's meeting of the Milli Majlis.
Thus, according to the project, a new customs concession will be applied when goods of Azerbaijani origin, wholly produced or sufficiently processed in the Alat Free Economic Zone, are brought to the main economic territory of Azerbaijan under certain conditions.
According to the amendment, if at least 50 percent of the volume of goods specified in the list of goods nomenclature of foreign economic activity is exported outside the country, the import of these goods from the Alat Free Economic Zone to the main economy will be exempt from customs duties. This concession will be valid for 15 years from the date of establishment of the Free Zone legal entity.
According to the draft law, the procedure for using the concession will be regulated by the p determined by the relevant executive authority. The concession will apply only to goods of Azerbaijani origin produced in the Alat Free Economic Zone or sufficiently processed in accordance with the processing criteria provided for in the legislation.
The amendment aims to promote export-oriented production, increase the competitiveness of enterprises operating in the Alat Free Economic Zone, attract investments, and expand the country's export potential.
The issue was put to a vote and adopted in the first reading.
