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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Gold imported by Azerbaijani State Oil Fund exempted from customs duties

Posted on 23 October 2012

According to the decision of the Azerbaijani Cabinet of Ministers, gold imports into the country for the needs of the State Oil Fund of the Azerbaijani Republic (SOFAZ) are exempt from VAT and customs duties, SOFAZ told Trend.
SOFAZ has begun a weekly purchase of 10,000 ounces of gold since Feb. 1, 2012. As of July 1, 2012, the investment portfolio included 6,847 kilograms (220,146 ounces) of gold. “The decision was made to exempt gold imported into the country by SOFAZ from VAT and customs duties,” SOFAZ said………………………………………..Full Article: Source


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