BAKU, Azerbaijan, May 8. Residents of industrial parks managed by the Economic Zones Development Agency under the Ministry of Economy of Azerbaijan have saved over 511 million Azerbaijani manat ($300 million) due to VAT and customs duty exemptions' application, Trend reports via the agency.
The agency said that 7.3 million manat ($4.3 million) was saved by residents in the first quarter of this year alone.
Residents of the industrial parks are exempt from property, land, and profit taxes for 10 years from the date of registration. They are also exempt from VAT and customs duties on imported machinery, technological equipment, and installations intended for production. Additionally, entrepreneurs operating in industrial zones in Azerbaijan’s liberated territories are exempt from VAT for 10 years on feedstocks and materials used in the production process. Moreover, entrepreneurs engaged in manufacturing receive financial aid from the state budget equal to 20 percent of their monthly utility costs (electricity, natural gas, water supply, and wastewater disposal) for 10 years.
