Tajikistan reduces customs duty on import of golden, silver jewelry
By Kamila Aliyeva
Tajikistan reduced the customs duty on the import of jewelry from gold and silver.
Henceforth, importers of jewelry instead of VAT and duties will pay a single special export and import duty.
For example, the duty for one gram of gold products is 18 somoni, and for one gram of silver products – 3.6 somoni, Central Asian media outlets reported.
Until recently, the volume of taxes and duties amounted to 42 percent of the total value of imported products from gold and silver.
At the last session of the lower chamber of the Tajik parliament, held on May 25, the MPs unanimously supported these amendments to the Customs Code of the country.
The measures taken are aimed at stopping the smuggling of jewelry into the country, as well as supporting local producers of gold and silver products.
“The adopted amendments to the Customs Code allowed reducing the customs duty on the import of gold and silver and products from them. Prior to that, there was a high duty, which increased the risk of corruption when importing products, because traders tried to avoid payments in any way,” said Olimdjon Boboev, deputy of the lower house of parliament, member of the committee on economics and finance.
The amendments apply to the export of jewelry from Tajikistan, which will help increase the demand for products of domestic jewelers.
In the republic, from year to year, the production of gold increases and this relaxation will allow local products to become competitive abroad, he believes.
Tajikistan plans to annually increase gold production by 6 percent. The authorities intend to put new capacities into operation in order to achieve this result.
Tajikistan's gold assets contain 137 deposits of industrial gold and 127 deposits of non-industrial gold. Tajikistan has registered a new record in gold production in 2017 as the country extracted 5.5 tons.
The main gold-bearing deposits with balance reserves are located in the central part of the republic.
The Central Asian nation has 10 gold producers, the biggest ones being Zarafshon (70 percent of all gold extracted in the country), Aprelevka, Tilloi Tochik, Odina Group and Pakrut.
Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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