Monday May 27 2024

Azerbaijani parliament adopts law on FEZ in Alyat settlement

6 March 2018 17:30 (UTC+04:00)
Azerbaijani parliament adopts law on FEZ in Alyat settlement

By Trend

Azerbaijani parliament has adopted a draft law on the free economic zone (FEZ) in the Alyat settlement in the second reading at a plenary session.

The FEZ is being created in the Alyat settlement in line with the Azerbaijani president’s order signed in March 2016. The territory of the new Baku International Sea Trade Port is also included in the FEZ.

The new law, prepared on the basis of foreign experience, will regulate the activities of the FEZ.

The law envisages creation of a separate executive body that will oversee the activities of legal entities and facilities operating in the FEZ.

The Business Services Center will also operate in the FEZ. The Center will engage in licensing of business activities and will operate on a “single window” principle. A separate customs body will also be created.

Entrepreneurs operating in the FEZ will be exempted from taxes. Goods and services imported into the FEZ will be also exempted from customs duties and taxes. If the goods are imported into the FEZ from Azerbaijan or exported from the FEZ to Azerbaijan, Azerbaijani legislation will be applied to them.


Follow us on Twitter @AzerNewsAz

Latest See more