15:44 - 16.12.2024

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December 16, Fineko/abc.az. The Milli Majlis of Azerbaijan has approved the amendments to the Law on Customs Tariff in the 3rd reading.

ABC.AZ ifnorms that according to the document, the import of machinery, technological equipment and installations by electricity producers for projects whose cost exceeds the minimum amount established by the authorized body is exempt from customs duties. The benefit is valid for the period specified in the electricity purchase and sale agreement concluded within the Law on the Use of Renewable Energy Sources in Electricity Production, but not more than 30 years, including the construction period.

In addition, exemption from customs duties is provided for import of equipment, raw materials and supplies by private partners within the public-private partnership projects. The benefit applies for the period specified in the partnership agreement, but does not exceed 30 years, including the construction period.

The document also stipulates classification of benefits and exemptions by the Cabinet Ministers for customs duties to assess their impact on state budget revenues.

The law will come into force on January 1, 2025.