Compulsory fee to be deducted from foreign remittance in Azerbaijan

Baku. 19 January. REPORT.AZ/ An amendment s planned to be made by Azerbaijani Parliament to law 'On currency regulation' on applying compulsory fee to foreign remittance.

Report informs, compulsory fee will be deducted in the amount of 20% on transfer of amount equivalent to more than 50 thousand USD to the accounts of physical persons (or close relative (husband (wife), parents as well as parents, grandfathers and grandmothers, children, adopters (adopted) of husband (wife, brothers and sisters) opened in foreign country,  during calendar year. Money transfer operations by physical person in foreign currency during that calendar year without opening account will be considered.

In addition, payments to the account of foreign health institutions regarding treatment fees, to foreign educational institutions regarding tuition fee as well as payments regarding execution of decisions of foreign courts or law enforcement agencies are excluded.