Azerbaijan puts law on special oil and gas export schedule into force

Apr 12, 2009 02:00 AM

The Law on Special Economic Schedule of Oil and Gas Enterprises' Export Activity has come into force in Azerbaijan.
The Presidential Administration reports that in accord with the presidential decree on law application the Cabinet Ministers were charged with submission of proposals for the next two months for bringing legislation, standard and legal documents in compliance with the Law, to prepare a bill on sanctions towards law offenders, to make a list of documents required for permits in accord with Point 6.2 of the Law, to establish forms of applications in accord with Point 7.2, to establish rules of examination for spreading this Point validity on subcontractors, and to establish form, order of submission, extension and withdrawal of permits in accord with Point 7.14.

The country's President became the authorised body for realization of Points 1.0.11, 5.2, 6.2, 7.1-7.8, 7.10-7.13, 8.1.2, the Cabinet Minister for Parts Points 6.3, 7.2 and 7.15, the Ministry of Taxes for Points 3.10, 3.14, 3.15, and the State Customs Committee for Point 4.6.
The Law that had been drafted for two years would allow creation of special operating conditions for realization of the country's potential in the process of large projects in the Caspian region. The Law indicates realization of oil and gas projects in a way of creation of joint ventures or singing production sharing agreements (PSAs). Major tax and other subsidies for oil and gas organizations covered by the bill are already stipulated in the tax legislation.

Under the Law, contractors and sub-contractors will pay taxes in accordance with the Azerbaijan Tax Code requirements. Products exported and imported with the purpose of exporting oil and gas activity are exempted from customs duties.
The Law is intended to create conditions for export of goods, services and works in the area of service of oil and gas projects in the region to involve the country's available profile capacities to the large extent.

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