BAKU, Azerbaijan, October 24. Azerbaijan's industrial zones have created a favorable investment climate for entrepreneurial activity development, Spokesman of Azerbaijan's Economic Zones Development Agency Elchin Kazimov told Trend.
Kazimov highlighted that thanks to the VAT exemptions on imports and the customs perks in the industrial parks run by the Economic Zones Development Agency, residents have managed to save a pretty penny.
To date, the total savings hit the jackpot at 489 million manat ($287.6), with a tidy sum of 28 million manat ($16.4) raked in during the first 9 months of this year.
“Residents of industrial parks are exempt from property, land, and profit taxes for a decade from the date of their registration, as well as from VAT on imports and customs duties for machinery and technological equipment intended for production purposes,” Kazimov added.
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