- Sale of buses manufactured in Azerbaijan and import of spare parts for bus production will be exempt from Value Added Tax (VAT).
- This exemption was discussed in the Azerbaijani Parliament and is included in a proposed modification to the Tax Code.
- The VAT exemption will be effective from January 1, 2025, for eight years, applicable to legal entities with proper documentation.
- The amendment aims to promote a sustainable, environmentally friendly transportation system and modernize the bus fleet in Azerbaijan.
- A presidential decree allocated 90 million manat ($52.9 million) from the 2024 state budget for purchasing electric buses for BakuBus LLC.
- The electric buses will be sourced from local suppliers manufacturing them in Azerbaijan.
- Further funding plans for the sector are expected to be finalized soon, focusing on local production of electric buses.
- The proposed amendment was approved in the first reading after discussions.
Source: en.trend.az
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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