Big foreign investments needed to improve economic activity in Azerbaijan (UPDATE)

Big foreign investments needed to improve economic activity in Azerbaijan (UPDATE)

details added (first version posted at 12:37)

Baku, Azerbaijan, Jan. 29

By Anvar Mammadov - Trend:

Azerbaijan will take action on increasing economic activity, strengthen macroeconomic stability, Shahin Mustafayev, Azerbaijani Minister of Economy, said Jan. 29.

"This will eventually increase the number of jobs," he said.

Mustafayev made the statement at the conference titled "Experience of Azerbaijan and Turkey in the development of promising areas of agriculture".

He said that a large volume of foreign investments should be drawn to increase the economic activity amid a decrease in the state investment volume.

"One of the main areas is to promote foreign investments," he said.

In this regard, the tax legislation has been changed. According to these changes, a document of the investment promotion will be given to the entrepreneurs in Azerbaijan. After getting this document, 50 percent of the revenues of an individual entrepreneur, a legal entity's profit will be exempt from income tax within seven years.

The benefits would apply to the import of technological equipment and structures, imported into the country by legal entities and individual entrepreneurs.

Their import will be exempt from customs duty and VAT for seven years. The entrepreneurs will be also exempt from a property tax and a land tax for a period of seven years (from the date of getting the document).

The official exchange rate is 1.6008 AZN/USD Jan. 29.

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