BAKU, Azerbaijan, November 26. Azerbaijan is set to introduce a range of tax incentives for businesses engaged in the production of renewable energy sources, said Samira Musayeva, Deputy Head of the State Tax Service under the Ministry of Economy, Trend reports.
At an event dubbed “Cooperation with Business Associations and Entrepreneurs and Its Results,” Musayeva pointed out that when it comes to environmental protection and promoting ecological sustainability in Azerbaijan, the state is pulling out all the stops with incentives across different sectors of the economy.
According to her, tax incentives are the bread and butter of this endeavor.
"We have already observed for several years that the import and sale of electric and hybrid cars imported into the country are exempt from value-added tax (VAT).
In the draft law presented as part of the budget package for the upcoming year, we propose exempting entrepreneurs engaged in renewable energy production from income tax, corporate tax, property, and land tax, as well as VAT and customs duties on equipment they import for constructing energy infrastructure, as well as imports related to the creation of technological infrastructure," she added.
To note, the State Tax Service under the Ministry of Economy of Azerbaijan is holding an event titled "Cooperation with Business Associations and Entrepreneurs and Its Results" in Azerbaijan’s Baku.
At the event, attendees will hear about the latest tax laws and regulations, as well as the results of the partnership that was formed with the appropriate government entities, business groups, and entrepreneurs.
The gathering features speeches from Samira Musayeva and Ilkin Veliyev, Deputy Heads of the State Tax Service, Vusal Shikhaliyev, Head of the Economic Policy and Industrial Affairs Department at the Presidential Administration of Azerbaijan, Nijat Imanov, Head of the Main Tax Policy Department, and Avaz Guliyev, Deputy Head of the Main Tax Policy Department, among other officials and experts.
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