The duration for the import of goods purchased with advance payment has been increased
The duration for the import of goods purchased with advance payment has been increased

In accordance with Decision №4/1 of the Board of the Central Bank of the Republic of Azerbaijan dated 08.03.2018, a number of amendments were made to the "Regulations on Foreign Exchange Operations of Resident and Non-Residents of the Republic of Azerbaijan".

According to the amendment, a declaration confirming the import of those goods or a document confirming the provision of services must be submitted to the bank within 270 days after operations on advance payment transferred by residents and non-residents in payment of imported goods and services to the Republic of Azerbaijan. In the first version of the Rules, the period of time required for the submission of a relevant customs declaration or document was 180 days from the date of payment.

Thus, the extension of this period of 90 days (3 months) as a result of the change reduces the risk of administrative liability for the delay of the goods or services the residents and non-residents actually face. It is advisable to consider this period when concluding a contract for procurement of goods and services.

Related Posts

Tax Code of Azerbaijan: 2020 Tax Amendments

Tax Code of Azerbaijan: 2020 Tax Amendments

Effective from 2020 the Tax Code of Azerbaijan will be amended. In this article, we summarize the...

Dec 29, 2019
Update on the practice of liquidation of legal entities

Update on the practice of liquidation of legal entities

Update on the practice of liquidation of legal entities

Aug 30, 2021
Regulations on the Certification of Aviation Services in Azerbaijan adopted

Regulations on the Certification of Aviation Services in Azerbaijan adopted

The Cabinet of Ministers of the Republic of Azerbaijan has adopted a number of important decision...

Mar 28, 2025
Update on the practice of authorized capital increase in Azerbaijan

Update on the practice of authorized capital increase in Azerbaijan

Update on the practice of authorized capital increase in Azerbaijan

Apr 30, 2021