In accordance with Decision №4/1 of the Board of the Central Bank of the Republic of Azerbaijan dated 08.03.2018, a number of amendments were made to the "Regulations on Foreign Exchange Operations of Resident and Non-Residents of the Republic of Azerbaijan".

According to the amendment, a declaration confirming the import of those goods or a document confirming the provision of services must be submitted to the bank within 270 days after operations on advance payment transferred by residents and non-residents in payment of imported goods and services to the Republic of Azerbaijan. In the first version of the Rules, the period of time required for the submission of a relevant customs declaration or document was 180 days from the date of payment.

Thus, the extension of this period of 90 days (3 months) as a result of the change reduces the risk of administrative liability for the delay of the goods or services the residents and non-residents actually face. It is advisable to consider this period when concluding a contract for procurement of goods and services.