Azerbaijan exempts art and antiques imports from VAT

Azerbaijan exempts art and antiques imports from VAT

Azerbaijan has exempted the import of artworks, collectorschr("39") items and antiques from value-added tax (VAT) based on an approved list to be confirmed through relevant documentation and classified under foreign economic activity commodity codes, Olaylar informs.

President Ilham Aliyev signed into law amendments adopted by the Milli Majlis on February 13 to the Tax Code, as well as to the laws "On Banks" and "On Customs Tariffs."

The VAT exemption is expected to help optimize costs for importers of such items, encourage growth in imports in this sector, enrich museum collections and cultural institutions, strengthen international cultural integration, and support collectors of coins, antiques and artworks.

Similar practices, including tax exemptions on the import of such goods, are applied in a number of developed countries.