(MENAFN - AzerNews) By Laman Ismayilova
The capital of Azerbaijan is preparing for the 3rd Baku Shopping Festival to be held on May 1-31.
Nearly 800 stores in Baku will join the shopping festival.
Both locals and foreign citizens will benefit from discounts. Those who make purchases worth more than 100 manats ($58) at stores labeled with 'Baku Shopping Festival - Tax Free stickers have an opportunity to get back a part of the value-added tax (VAT) from the amount spent.
This amount can be refunded in cash or by transfer to a card/bank account.
In addition, various games, lottery, fashion shows and other events where participants can win valuable gifts will be organized as part of the festival. Baku Shopping Festivalis being promoted as tourism products worldwide.
More and more tourists areflocking to the capital of Azerbaijan to enjoy the opportunities the festival offers.
In recent years, the shopping gaining greater significance in tourism, given its contribution to the retail and tourism sectors of a destination.
The first Shopping Festivalwas held in Baku from April 10 to May 10, 2017. The second Festival took place from October 15 to November 15, 2017.
Earlier, it was reported that local banks returned to the participants of the second BSF VAT in the amount of 3.37 million manats ($1.98 million).
Moreover, during the second festival 204,686 tourist visited the country, which is 13 percent more compared to the same period last year.
The Azerbaijani government adopted the law 'On non-cash payments in order to strengthen accounting in the financial system, through the development of non-cash payments.
The law envisages a limit for cashing operations. Banks and postal operators will charge a simplified tax (1 percent ofthe sum) tocashmeans kept in bank accounts of legal entities and private entrepreneurs.