The import of rare vehicles will be exempt from VAT, excise duty, and customs duties.
The Editorial Office reports that this is reflected in amendments to the Tax Code and the "On Customs Tariff" law, signed by President Ilham Aliyev.
According to current regulations, vehicles whose engine, body, and chassis are in their original condition or have been restored to their original condition, and which are more than 40 (forty) years old from their factory production date, are considered rare vehicles.
According to the amendment, the exemption of rare vehicles from VAT, excise duty, and customs duties will be regulated within the following conditions:
- The import must be carried out based on a supporting document from the relevant state body;
- The number of imported rare vehicles by an individual must not exceed 1 unit per calendar year (and a total of 10 units nationwide).
The exemption of rare vehicles from VAT, excise duty, and customs duties will allow for a reduction in the expenses of their importers.