BAKU, Azerbaijan, February 16. Azerbaijan's industrial parks managed by the Economic Zones Development Agency (IZIA) have saved more than 460 million manat ($270.59 million) so far, Chairman of the Board of the IZIA under the Ministry of Economy of Azerbaijan Seymur Adigozalov said during a press conference on the results of activities in 2023, Trend reports.
According to him, this took place due to the application of VAT and customs benefits in the industrial parks.
“The parks have created a favorable business environment for the development of entrepreneurship. Thus, residents are exempt from paying tax on property, land, and profit for 10 years (since registration), VAT, and customs duties when importing machinery, technological equipment, and installations for production purposes. Industrial parks also play an important role in increasing employment levels, and during the said period, the number of employees increased by more than 27 times,” he emphasized.
The Economic Zones Development Agency was established as a public entity on the basis of Sumgayit Chemical Industrial Park LLC by Decree No. 1257 dated January 22, 2021, of the President of the Republic of Azerbaijan Ilham Aliyev "On measures related to the improvement of the management of industrial parks, industrial districts, and agricultural parks.".
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