15:41 - 19.10.2023
October 19, Fineko/abc.az. Favorable investment climate is also being created in the Araz Valley Economic Zone and Agdam industrial parks.
ABC.AZ reports that chairman of board of the Economic Zones Development Agency (under the Ministry of Economy) Elshad Nuriyev said about this. He noted that residents of parks are provided with ready-made infrastructure at the expense of state funds.
"At that, they are exempt from property tax, land tax, income tax, VAT on the import of machinery, technological equipment and installations imported for production purposes for 10-year period from the date of registration, as well as from customs duties for 10-year term. Also, since January 1, 2023, according to the amendments to the Tax Code, entrepreneurs who will carry out activities in the occupation-liberated territories are provided with additional benefits.
This includes subsidizing social insurance contributions, providing 5 days of additional leave annually to specialists working in occupation-liberated territories; accrual of surcharges to the monthly official salary; provision of lump-sum allowance in the amount of 600 manats) simplification of obtaining work permits, as well as non-application of the labor migration quota (the labor migration quota for foreign specialists has not been applied for 5 years). The import of a number of raw materials and materials that an entrepreneur operating in the occupation-liberated territories will use in the production process is also exempt from VAT for 10-year period.
