Baku, Azerbaijan, Feb. 14
By Huseyn Veliyev - Trend:
The High Tech Park of Azerbaijan's National Academy of Sciences (ANAS) has prepared proposals for introducing changes to the tax and customs codes with regard to obtaining additional benefits for its residents, a source at the park told Trend.
The source noted that the document is currently under consideration by the ANAS and is expected to be submitted to relevant structures by May 1.
"The document proposes to consider the possibility of exempting raw materials and spare parts imported by residents from customs duties and VAT. Currently, for example, these preferences relate to the import of machinery and technical equipment, but not to the supply of consumable parts and raw materials, which in a certain sense burdens beginner businessmen with an innovative focus. Taking into account the state support for start-ups, we hope that we can get positive answers and achieve additional benefits, which in turn will make the tech park even more attractive for investors," the source said.
Presently, 10 residents, who have long-term projects, operate in the tech park, the source noted.
"Another company whose field of activity is related to microbiology has also applied to obtain residency. This is also a high tech sector and we hope that after the application is approved by the expert council, this company will also receive resident status," the source added.
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