Local banks to work in enhanced mode
By Sara Israfilbayova
Twenty-three banks will work in an enhanced mode during the ongoing Baku Shopping Festival that will last by May 10.
More than 50 bank branches will operate in enhanced mode, including six branches delivering service in 24/7 mode, the Chamber of Supervision of Financial Markets said.
At the same time, a special monitoring group of the Chamber will be open for inquiries and appeals from local people and foreign tourists.
Contact person at the group is Elshan Samadov, coordinator, who is available at email: [email protected] or phone number: (+944) 51 444 25 32
The Baku Shopping Festival started on April 10 and will last until May 10.
The essence of festival is that buyers are refunded an amount equal to value-added tax (VAT) on the value of the purchased goods. This rule is applied only in the shops of Baku, which have a special registration and received a mark of distinction.
During the Festival, many city malls offer special discounts, and temporary pop-up shops present a broad range of Azerbaijani and foreign brands. On top of this, a range of entertainment events are being held for buyers, including concerts, exhibitions, fairs, music nights, and fashion shows.
Buyers can obtain a refund of the VAT paid on the goods purchased during the day, when the purchase was made. VAT refund can be obtained either in cash or in non-cash by transfer to a card or bank account.
During the festival, a buyer [Azerbaijani citizens or foreigners] can have the VAT refunded at the banks in case the amount of the purchased goods exceeds 100 manats ($58) [including VAT].
The Shopping Festival does not cover excise goods, gold, food and cars, but only production of light industry.
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