Creation of agricultural technology parks proposed in Azerbaijan

Business Materials 13 November 2013 19:54 (UTC +04:00)
Creation of agricultural technology parks in Azerbaijan will be reasonable,

Baku, Azerbaijan, Nov. 13

By Emin Aliyev - Trend: Creation of agricultural technology parks in Azerbaijan will be reasonable, head of the Committee on Agrarian Policy of Milli Majlis (parliament) of Azerbaijan, Eldar Ibrahimov said on Nov. 13.

He made the remarks during a parliamentary debate on the 2014 budget package.

"The government should provide financial support for the creation and development of processing enterprises in agriculture, which will also help expand the country's export potential," the MP said.

According to him, in the future, the funding of agriculture in Azerbaijan will be increased by nearly 16 per cent and will reach 539 million manats.

"Some 131 million manats out of this amount will account for subsidies to farmers," Ibrahimov said.

The parliamentary committee head also noted that tax concession for agricultural producers in Azerbaijan will be once again extended.

The country has also introduced tax and customs concession for the activity of the industrial and technology parks in the country.

According to the amendments made to the Tax Code in 2013, residents of industrial and technological parks will be exempt from paying income tax, land tax, property tax from the payment of customs duties on imports of machinery, installations and technological equipment. These concessions will be valid for seven years from the date of registration of the resident of the industrial and technological park.

Aside from that the managing companies and operators of industrial and technology parks are exempt from paying income tax on the portion of income that is directed by them for the construction and maintenance of infrastructure parks.

Official exchange rate for Nov. 13 is 0.7843 AZN/USD.