12:29 - 13.01.2020

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January 13, Fineko/abc.az. One of the questions of concern for entrepreneurs in Azerbaijan relates to the currency regulation regime. According to the current rules, goods received in exchange for advance payments abroad must be imported in Azerbaijan within 270 days.

ABC.AZ reports that the relevant statement was made by chairman of the Azerbaijan Entrepreneurs’ Confederation (ASK) Mammad Musayev at last week’s meeting with entrepreneurs held at the Central Bank.

He noted that in the case of failure to export the goods, rendering of services or return the funds paid in this period, businesses will be fined in a high amount: "For a range of objective reasons the ongoing import operations include planning of equipment abroad by manufacturers, the alternation of orders, the presence of a large and complex technological process of manufacture of the equipment ordered, technical changes in the process of preparation and financial issues, including financial problems, delays in making future payments. There are cases of untimely fulfillment of contractual obligations by foreign manufacturers or non-compliance of the terms specified in the legislation with the terms of production of the equipment covered by the contract. Besides, equipment arrives here in the form of details and thus the penalty is imposed on businessmen, proceeding from a difference in documentation. We propose to return the currency regulation to the previous form for 360 days and, in addition, to apply special mechanisms for the import of some complex equipment, for example, the transaction history."

By Elmir Murad