Details added (first version posted on 15:49)
Baku, Azerbaijan, May 6
By Anvar Mammadov - Trend:
Azerbaijan has exempted its industrial parks' residents from customs duties on imports for five years starting from May 1, 2016.
This is envisaged by the amendments to the "Law on Customs Tariffs". The amendments were adopted May 6 at a plenary session of the Azerbaijani parliament.
The parliament also adopted amendments to the "Law on Social Insurance", under which foreign residents of Azerbaijan's industrial parks are exempt from the payments on compulsory social insurance for five years starting from May 1, 2016.
Azerbaijan is currently working to create infrastructure and organize four industrial parks - Sumgait, Balakhany, Mingachevir and Garadagh.
Meanwhile, the creation of the Neftchala Industrial Site is at its final stage.
In total, there are 12 residents in Azerbaijan's industrial parks - seven in Sumgait, four in Balakhany and one in Garadagh.
The industrial parks' residents are exempt from income tax, land tax and property tax for seven years in order to increase their investment attractiveness.
Moreover, the equipment and technology used in the industrial parks are exempt from the value added tax (VAT).
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