AZE.US
Azerbaijan has introduced a requirement that the customs value of imported goods be declared in the national currency, the manat.
The amendment to the Customs Code took effect on Sept. 3. The law was published on Aug. 4 following approval by President Ilham Aliyev and entered into force 30 days later.
Under the newly added Article 220.3, the customs value of goods must be declared in Azerbaijan’s national currency. The person submitting the declaration is responsible for determining that value under the Customs Code and the country’s law on customs tariffs.
If commercial documents are denominated in a foreign currency, the customs value must be converted and entered in manats for customs clearance purposes.
The change applies specifically to the value stated in the customs declaration. It does not mean that foreign trade contracts, invoices or payments to overseas suppliers must also be denominated in manats.
The person responsible for determining the customs value must retain all supporting documents and information for three years.
If requested by customs authorities, those records must be submitted to verify the accuracy of the declared value.
The new rule is intended to standardize the amounts used to calculate customs duties and taxes. The currency change itself does not automatically increase the customs value of imported goods or result in higher consumer prices.
The complete amendments are available on the official website of the president of Azerbaijan.
AZE.US