Baku, Azerbaijan, Dec.29
By Maksim Tsurkov - Trend:
A proposed expansion to the list of excisable goods is being considered with precious metals and products to be added to the list, according to the draft amendments to the Tax Code that was submitted to the Milli Majlis (Parliament) of Azerbaijan.
Currently, the list of imported excisable goods include drinking alcohol, beer, all types of alcoholic beverages, tobacco products, oil products, cars, sports yachts, and yachts for recreation.
Under the bill, the list will also included platinum, gold, jewelry and other household items made of gold and platinum, processed, sorted, polished and fixed diamonds.
"The taxable amount will be determined on the basis of per gram of platinum, per ounce of gold and gold jewelry and household goods, as well as per carat of fixed diamonds," the bill reads.
Twenty grams of gold and gold jewelry or household goods, 0.5 carat of processed, sorted, polished and fixed diamonds, imported by individuals, are not subject to taxation, according to the document.
"Also, gold, platinum, processed, sorted, polished and fixed diamonds, imported to be deposited in the assets of the Central Bank of Azerbaijan, as well as gold, imported to be deposited in the assets of the State Oil Fund of Azerbaijan, are not subject to excise tax, according to the amendments made," said the draft.
Until now, the list of the goods exempted from excise tax included three liters of alcoholic beverages, 600 cigarettes, imported by individuals for personal consumption, as well as the fuel in the tank of a car of an individual in an amount prescribed by the registration certificate.
Under the bill, the new excisable goods during their import will be subject to excise duty at the following rates: 2 AZN per gram platinum, 0.8 AZN per gram of gold and gold products of 375 hallmark, 1 AZN - of 500 hallmark, 1.2 AZN - 585 hallmark, 1.5 AZN - 750 hallmark, 1.8 AZN - 958 hallmark, 2 AZN - 999 hallmark.
The official exchange rate for December 29 is 0.7844 AZN / USD.
The excise rate per carat of processed, polished, sorted and fixed diamond is proposed in the amount of 200 AZN. However, if the weight of a diamond is below one carat, the amount of excise duty is reduced in direct proportion to its mass. If the weight of diamond is greater than one carat, the amount of excise duty is calculated using the following factors to the excise tax, depending on the actual weight of the diamond: the ratio is 2.0 for the diamond with a mass from 1 to 2 carats, from 2 to 3 carats the ratio is 3.0, from 3 to 4 carats - 4.0, from 4 to 5 carats - 5.0, above 5 carats - 10.0.
edited by CN
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