Azerbaijan exempts rare car imports from taxes

Azerbaijan has exempted the import of rare vehicles from value-added tax (VAT), excise tax and customs duties, Report 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."

Under previous regulations, vehicles were considered rare (vintage) if their engine, body and chassis were in original condition or restored to original condition and more than 40 years had passed since their production date.

Under the updated legislation, the exemption from VAT, excise tax and customs duties will apply to rare vehicles imported under the following conditions:

• The import must be carried out on the basis of a confirming document issued by the relevant state authority;

• The number of rare vehicles imported by one person must not exceed one per calendar year (and no more than 10 units nationwide per year).

The exemption is expected to reduce costs for importers of rare vehicles.