Azerbaijan's Economic Zones Development Agency talks savings of industrial park residents (UPDATE)

Economy Materials 1 February 2023 16:46 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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Details added (first version posted at 13:45)

BAKU, Azerbaijan, February 1. Residents of industrial parks administered by the Economic Zones Development Agency (EZDA) under the Azerbaijani Ministry of Economy have saved over 436.4 million manat ($256.3 million) through VAT and customs benefits, Chairman of the Agency's Executive Board Elshad Nuriyev said at a press conference on the 2022 results, Trend reports.

He noted that industrial parks offer a favorable business environment for the development of the entrepreneurial activity.

"Thus, residents of industrial parks are exempt from property tax, land tax, profit tax for 10 years from the registration date, from VAT on the equipment import, technological equipment, and installations imported for industrial purposes, as well as from customs duties for 10 years (the customs exemption period for 10 years applies from January 1, 2023)," Nuriyev added.

As of today, 116 business entities have obtained resident status, out of which 65 have already commenced manufacturing activities. The total investment made up nearly seven billion manat ($4.1 billion).