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Some changes made in “Regulations on currency operations of residents and non-residents in the Republic of Azerbaijan”

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Some Changes Made In “Regulations On Currency Operations Of Residents And Non-residents In The Republic Of Azerbaijan”

Some changes were made in “Regulations on currency operations of residents and non-residents in the Republic of Azerbaijan”.

A document confirming the import of goods to the country or a declaration of imported goods should be submitted to the bank no later than 180 days after the prepayment date.

According to the Annex to the Rules, the amount of transfers related to mediation activities of residents and non-residents to be transferred to a third country without importing goods into the customs territory of the Republic should not exceed the amount previously transferred by the purchaser of the broker’s account at the authorized bank and the relevant contract(s). In order to supply the goods to the foreign country in which the projects are carried out by the residents in accordance with the results of the international tenders, transfers shall be made by a document certifying the participation of the resident in the tender and a contract concluded as a result of the tender, as well as the contract, invoice, the amount and the other document containing the information on the goods received.

According to the results of sports competitions, non-resident remuneration and other remunerations shall be made by submitting a document confirming the payment of the relevant amount to the bank.

Other additions and changes can be found at http://www.huquqiaktlar.gov.az/StatementDetails.aspx?statementId=40708.

It should be noted that the National Confederation of Entrepreneurs (Employers) Organizations of the Republic of Azerbaijan, in view of numerous requests received by entrepreneurs, last month proposed to the relevant state bodies to make changes to the Rules for Foreign Exchange Operations of Resident and Non- Residents of the Republic of Azerbaijan. One of the proposals is the Article No 4.3.1.3. mentioned “Regulations on Currency Operations of Resident and Non-Residents of the Republic of Azerbaijan” in connection with the increase in the term of 180 days.

 

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