BAKU, Azerbaijan, February 13. Due to the application of import VAT and customs exemptions in industrial parks managed by the Agency for Development of Economic Zones (ADEZ) under the Ministry of Economy of Azerbaijan, residents have saved over 44 million manat ($25.8 million), Trend reports via the agency.
The agency noted that the existing industrial zones in the country provide the most favorable business environment for investors.
"Various investment opportunities have been created here to foster entrepreneurial activity. Entrepreneurs in industrial zones can implement their projects by using the existing infrastructure, which is funded by the state, without additional technical requirements.
Moreover, it was mentioned that from the moment of registration, industrial park residents are fully exempt from property, land, and income taxes, as well as VAT and customs duties for the import of machinery, technological equipment, and facilities for production purposes, for a period of ten years. Thanks to the applied VAT and customs exemptions, residents have saved over 505 million manat [$297 million] to date, with more than 44 million manat [$25.8 million] saved in 2024 alone.
In addition, special exemptions are applied in the industrial parks located in the newly liberated territories. These include subsidies for social insurance payments, a 20 percent discount on utility services, exemption from customs duties and VAT for the import of certain raw materials and materials approved by the Cabinet of Ministers, special concessional bank loans, and more," the report reads.
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