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AmCham welcomes a new legislative change

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American Chamber of Commerce in Azerbaijan (AmCham) welcomes a new legislative change merging taxation and tourism sectors. President of the Republic of Azerbaijan, H.E. Ilham Aliyev signed one more decree towards diversifications of economy and stimulating tourism sector of Azerbaijan. The decree covers the rule on refund of VAT paid by foreigners and stateless persons for goods purchased in the territory of Azerbaijan.

According to the legislation, tourists visiting Azerbaijan will be able to refund VATs on the border. It covers expenses over 300 AZN and obviously excludes production or commercial related activities. Executive Director of American Chamber of Commerce in Azerbaijan, Mrs. Natavan Mammadova, welcomed the new law and stated that “the recent change in the legislation of Azerbaijan will pave the way for boosting tourism industry of Azerbaijan. Herein, the flow of tourists will not only increase, but also create stimulus to shop and spend more. It is a clear step forward from the President of Azerbaijan towards economic development, with a focus to tourism.”

At the same time, increasing turnover among the tourists is highly expected to create positive impact for development of entrepreneurship, production of local goods, as well as, broadening formal business practices. As a multiplier effect to governance, informational database, application of electronic tax invoice, coverage of e-platforms, cooperation among various organizations (Ministry of Taxation, Ministry of Finance, private banks, Customs Union and State Border Service) will be enhanced. Thus, the recent legislation on refund of VAT paid by foreigners and stateless persons will positively affect increase of attractiveness of Azerbaijan as an ideal tourist destination.

Date
2016.07.15 / 20:44
Author
Axar.az
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