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Azerbaijan introduces new tax incentives for agriculture businesses

Economy Materials 9 January 2023 23:53 (UTC +04:00)
Azerbaijan introduces new tax incentives for agriculture businesses
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, January 9. The State Tax Service (STS) under the Ministry of Economy of Azerbaijan has determined tax incentives for enterprises processing agricultural products, aimed at optimizing costs and reducing prices for locally produced products, Trend reports.

In recent years, amid the global changes, there has been an increase in prices for a number of imported agricultural products.

"The latest amendments to the Tax Code (TC) provided incentives for entrepreneurs engaged in the processing of agricultural products. According to the amendments, food producers, after the adoption of the relevant incentives by the Cabinet of Ministers, will be exempt from tax on half of their profits for a period of seven years, as well as property and land taxes," the STS stressed.

Currently, entrepreneurs engaged in the production of goods are already enjoying tax incentives provided for in the Tax Code in order to stimulate investment in local production. In order to ensure stability in the work of taxpayers operating in the agro-industrial sector and stimulate the implementation of their investment projects, these businessmen were also provided with similar tax benefits. As a result, both new and existing enterprises received the same amount of tax benefits.

In addition, the civil service reported that a number of other tax incentives for agricultural producers have been approved.

"Legal entities and individuals working in the agricultural sector, in addition to income received from the production of agricultural products, have income from the sale of these products, and these incentives were not applied to them. In order to continue the policy of stimulation in the field of agriculture, individuals and legal entities were released from income tax. Legal entities - for one year, and individuals - timeless", the tax service said.

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