BAKU, Azerbaijan, November 27. The proposal to exempt business entities registered and carrying out their main activities in the Nakhchivan Autonomous Republic (NAR) from taxes on profit, property, and land for 10 years has been put forward, the chairman of the Confederation of Entrepreneurs' Organizations of the NAR Vugar Abbasov said at the event “Cooperation with business associations and entrepreneurs and its results," Trend reports.
At the same time, it was proposed to exempt dividend income of shareholders of resident legal entities of the Autonomous Republic from tax from January 1, 2025, for a period of 10 years.
“Giving preference to companies registered and operating in Nakhchivan in the field of public procurement, we propose to allocate a special quota for business loans in the Entrepreneurship Development Fund to the Nakhchivan Autonomous Republic. In addition, we propose to increase employment of the population as a result of subsidizing contributions to mandatory social insurance of employees and co-financing of salaries,” he said.
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