Azerbaijan extends tax breaks for jewelry production machines

From this year, the import of machines, equipment and devices used in the production of jewelry in Azerbaijan has been exempted from value added tax (VAT) for another 3 years.

Azernews reports that the Tax Code has been amended in this regard.

According to the amendment, the period of exemption from VAT applied to the import of machines, equipment and devices for the purpose of production and processing of jewelry made of gold and silver in Azerbaijan based on the confirmation document of the relevant institution will continue until January 1, 2027.

This concession is intended for a period of 3 years from January 1, 2021.

The VAT rate in the country is 18%.