BAKU, Azerbaijan, August 5. A grand total of 1,746 confirmation documents have been handed out to entrepreneurs working in Azerbaijan's industrial parks, all under the watchful eye of the Economic Zones Development Agency, which includes a neat stack of 144 documents issued in the first half of this year.
The data obtained by Trend from the agency shows that based on these documents, residents have saved more than 520 million manat ($306.8 million) in total due to VAT and customs duty exemptions applied in the industrial parks. In the reporting period alone, they saved over 14 million manat ($8.3 million) of their own funds.
To note, residents of industrial parks are fully exempt from property tax, land tax, and income tax, as well as VAT and customs duties on the import of machinery, technological equipment, and installations for production purposes for 10 years from the date of registration.
