The diplomat wrote that cash/hard currency importation into Azerbaijan in excess of $50,000 equivalent is subject to reporting to the financial monitoring service.
“Repatriation of 100 per cent of a non-resident investment into Azerbaijan plus profit made on that investment after payment of all taxes (mainly a 20 per cent profit tax and a 10 per cent
withholding tax) has been guaranteed to foreign investors by the law on the protection of foreign investments,” he wrote.
A mandatory fee of 20 percent on remittances for sending money abroad, which exceeds $50,000 during a year, was introduced in Azerbaijan, according to the amendments to the Law on currency regulation adopted by the parliament.
This charge does not apply to transfers abroad in relation to the cost of medical treatment, education, execution of court decisions and law enforcement agencies outside of Azerbaijan.
Currency exported as direct investment for the purchase of securities, real estate and land, as well as for the maintenance of Azerbaijani companies’ foreign missions also will be taxed with a mandatory fee of 20 percent.
This charge does not apply to legal entities, the state share in capital of which exceeds 50 percent.
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