Azerbaijan creates more favorable conditions for services and investment for foreign companies

The bill on amendments to the Customs Code was discussed in the third reading at today's plenary session of the Milli Majlis.

Chairman of the Parliamentary Committee for Economic Policy, Industries and Enterprising Tahir Mirkishili informed about the document.

He said that when entrepreneurs imported goods under a special customs regime of domestic processing (import of certain goods for export after processing), they had to guarantee the payment of customs debt in case of incurrence or possible incurrence (This debt usually arises if the imported goods are not exported within one year).

The proposed amendment stipulates that such a guarantee is not mandatory. This will free entrepreneurs from many costs to provide guarantees and create more favorable conditions for foreign legal entities to purchase services and invest in Azerbaijan.

Following the discussions, the proposed amendment to the Customs Code was adopted.