President rejects amendments to law on currency transfer fees

Azerbaijani President Ilham Aliyev has not signed the amendments to the law “On currency regulation” and sent them back to the Parliament of Azerbaijan, the office of the country’s presidential aide on economic reforms said, Azertac news agency reported.

The President refused to sign the document taking into account numerous appeals of entrepreneurs and investors, the report reads.

In January, the Parliament adopted amendments the law on currency regulation, envisaging introducing a 20 percent mandatory fee for the money transfer abroad as direct investment for the purchase of securities, real estate and land plots, as well as for maintenance of foreign offices of Azerbaijani companies in an amount exceeding $50,000 during a year.

The amendments did not cover the legal entities, the state share in the equity capital of which exceeds 50 percent. This measure also would not affect the transfers abroad for medical treatment, education, execution of decisions of courts and law enforcement agencies outside of Azerbaijan.

Foreign citizens were not required to pay 20-percent mandatory fee on remittances from money transactions from Azerbaijan to abroad.

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