Baku, Azerbaijan, Nov. 22
By Abbas Akhundov - Trend:
Azerbaijan has extended the tax preferences for agricultural producers for five more years. On Nov. 22, the Azerbaijani parliament approved changes to the law 'On provision of temporary tax preferences to agricultural producers'.
According to the changes to the law, starting from January 1, 2014, individuals and legal entities engaged in the production including industrial production of agricultural products, will be once again exempt from all taxes except land tax for a period of five years. Tax preferences for agricultural producers have been implemented in Azerbaijan since 2001.
These preferences implemented in Azerbaijan, allowed agricultural producers to save 1.4 billion manats (approx. $1.7 billion).
In this period the volume of agricultural production in the country increased from 1.2 to 4.8 billion manats.
Official exchange rate for Nov. 22 is 0.7843 AZN/USD.