As part of Baku Shop­ping Fes­ti­val, buy­ers spend over 6M man­ats

Azer News - - Country Guide - By Amina Nazarli

The first-ever Baku Shop­ping Fes­ti­val run­ning in the cap­i­tal has aroused great in­ter­est in the coun­try and en­tire re­gion.

More and more tourists are head­ing to the cap­i­tal of Azer­bai­jan to en­joy the op­por­tu­ni­ties the fes­ti­val of­fers. Dur­ing the Fes­ti­val, which in­cludes shop­ping, en­ter­tain­ment, fash­ion and cul­ture, many city malls of­fer spe­cial dis­counts, Tax Free, and tem­po­rary pop-up shops present a broad range of Azer­bai­jani and for­eign brands.

Since the be­gin­ning of the Baku Shop­ping Fes­ti­val on April 10, the Taxes Min­istry re­turned over 612,970 manat ($365,641) as VAT.

The to­tal sales amounted to ap­prox­i­mately 6.3 mil­lion man­ats ($3.75 mil­lion) as of April 24, which means that 10 per­cent of the funds spent by the buy­ers were re­turned. The min­istry re­ported that the cit­i­zens of the re­pub­lic pro­vided 7,397 VAT in­voices, and for­eign­ers - 505.

Fa­cil­i­ties that have joined the VAT re­fund sys­tem will have spe­cial stick­ers en­ti­tled “Baku Shop­ping Fes­ti­val - Tax Free.” VAT will be re­funded only to those buy­ers, who pur­chased the goods at the fa­cil­i­ties with such a sticker.

Dur­ing the fes­ti­val, a buyer [Azer­bai­jani cit­i­zens or for­eign­ers] can have the VAT re­funded at the banks in case the amount of the pur­chased goods ex­ceeds 100 man­ats ($58) [in­clud­ing VAT].

Buy­ers can ob­tain a re­fund of the VAT paid on the goods pur­chased dur­ing the day, when the pur­chase was made. VAT re­fund can be ob­tained ei­ther in cash or in non­cash by trans­fer to a card or bank ac­count.

VAT can be re­funded in the 15 branches of five banks - Kap­i­tal Bank, PASHA Bank, Yapi Kredi Bank Azer­bai­jan, Bank Silk Way and Azer­bai­jan In­dus­try Bank.

Be­sides, the Taxes Min­istry of Azer­bai­jan has set up spe­cial VAT kiosks [for reg­is­tra­tion of Tax Free doc­u­ments] dur­ing the Fes­ti­val.

The Shop­ping Fes­ti­vals are be­ing pro­moted as tourism prod­ucts world­wide, thus at­tract­ing large num­ber of tourists to the coun­try. Re­cent years have seen the shop­ping gain­ing greater sig­nif­i­cance in tourism, given its con­tri­bu­tion to the re­tail and tourism sec­tors of a des­ti­na­tion.

The Baku Shop­ping Fes­ti­val will last un­til May 10.

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