The certain principles concerning taxes are included in structure of "The contract on joint development and the equity Section of production on Azeri's fields and Chyrag and deep-water part of the field of Gyuneshli in the Azerbaijani sector of the Caspian Sea", signed between State oil company and the Contract parties come into complete legal force about December 12, 1994 ("Contract").
The Cabinet of Ministers of the Azerbaijan Republic published the Order number 50 of March 7, 1995 about creation of the Commission under the leadership of the Deputy Minister of Finance consisting of representatives of the Ministry of Finance, Ministry of taxes, the State Customs Committee and State Oil Company of Azerbaijan Republic ("Commission") for the purpose of creation and approval of the Contract parties of necessary administrative rules for implementation of the Contract provisions connected with taxes.
In connection with the Clauses for the right, economic stability and arbitration to which applicable Tax provisions of the Contract, according to the regulations on the Government guarantee specified in the Contract for the purpose of ensuring sequential and fair control "The protocol on the Import taxes and Export" for more detailed explanation of the available interpretation of articles of the Contract on Import and Export is signed.
For the purpose of establishment of these rules Commission and Contract Parties agreed to sign Protocols on the Import taxes and Export, including the this Protocol of January 1, 2002, and the this Protocol replaces the Protocol on the Import taxes and Export of November 4, 1996. Respectively the this Protocol establishes mutual understanding and acceptance of taxation for Import and Commodity export, the works or services delivered in connection with the Contract and activities for Hydrocarbon transactions in the Azerbaijan Republic, procedures which will be applied in case of establishment of release and control of it.
If goods, works or services are imported for other purposes, than accomplishment of Hydrocarbon transactions, then such goods, works or services will be assessed with the Import taxes and Export according to the legislation of the Azerbaijan Republic.
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