Tax benefits for agricultural producers can be extended over five years in Azerbaijan

Tax benefits for agricultural producers can be extended over five years in Azerbaijan

Azerbaijan, Baku, October 29/Trend, M.Aliyev/

Tax benefits for agricultural producers are planned to be extended for another five years in Azerbaijan, head of the Committee on Agrarian Policy of Milli Majlis (parliament) Eldar Ibrahimov said on Tuesday.

The parliamentary committee on agrarian policy discussed amendments to the law 'On issuance of tax benefits to agricultural producers' and recommended it for discussion at the plenary session of Milli Majlis.

According to the draft amendments to the law, individuals and legal entities engaged in agricultural production including industrial production will be freed of payment of all taxes except land taxes for five years. Tax benefits for agricultural producers have been applied since 2001.

According to the Deputy Head of the Agrarian Legislation Department of MIlli Majlis Shahmardan Karimov, tax benefits applied in Azerbaijan since 2001 allowed agricultural producers to save 1.4 billion manat.

During this period the volume of agricultural production in the country increased from 1.2 to 4.8 billion manat.

"In particular, industries such as poultry farming, as well as the construction of greenhouses and processing enterprises were developing. Azerbaijan is not an importer of poultry meat anymore, fully meeting domestic demand. The country's export potential in this area will also be implemented in the future.

During this period the production of poultry meat in the country increased by 3.7 times and amounted to 89,300 tons in 2012," Karimov said.

The official exchange rate on October 29 is 0.7845 AZN/USD.

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