Boosting Azerbaijan’s export potential ranks among most important issues – deputy minister

One of the important issues facing Azerbaijan's economy is increasing export potential, First Deputy Economy Minister of Azerbaijan Elnur Aliyev said, Trend reports. He spoke at the Customs Business Forum 2023 (GBF23), held in Baku. "The government's decision in 2023 broadened the options for adopting the special customs procedure for internal processing. Imports of raw materials for the manufacture of goods, which are thereafter processed and exported from our nation, are exempt from customs charges and taxes, including VAT, under this procedure. I'd like to underline the importance of this step in terms of financial assistance for domestic producers. In the first nine months of 2023, more than $500 million in products were deposited under the customs procedure of domestic processing (a 1.5-fold increase over the same period last year). As a result, this indication suggests that the mechanism under consideration is critical for the development of the manufacturing sector and services, particularly for the expansion of export activities," Elnur Aliyev said. Revenues to the state budget of Azerbaijan through the State Customs Committee (SCC) increased by 12.68 percent from January through October 2023 year-on-year (up to 5.2 billion manat). Revenue from customs duties to the state budget grew by 19.31 percent (219.6 million manat) from January through October 2023 over the year and amounted to 1.3 billion manat. Revenues from VAT totaled 3.6 billion manat from January through October 2023 (up by 10.01 percent year-on-year), from excise duties, 186.6 million manat (up by 39.35 percent), and from road tax, 36.5 million manat (down by 30.59 percent). Within the series of events dedicated to the 100th anniversary of national leader Heydar Aliyev, the Customs Business Forum 2023 was held in Baku on November 20. The main purpose of the forum, organized to inform citizens and business entities of the projects implemented by the Customs Service within the framework of large-scale economic reforms implemented by Pre sident Ilham Aliyev in the direction of sustainable development in Azerbaijan, is to provide a corporate report of the Customs and Business Cooperation Committee, announce upcoming activities, and call on business entities to actively participate in the ongoing projects, as well as to create a business environment where they will discuss the prerequisites for the implementation of the projects. Source: Trend News Agency

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