Businessmen in Azerbaijan get benefits for projects worth $1.6B
Baku, Azerbaijan, Aug. 23
By Azad Hasanli – Trend:
Azerbaijani entrepreneurs have so far received 182 investment promotion documents, the country’s Economy Ministry said Aug. 23.
The total cost of the projects covered by the investment promotion mechanism is $1.6 billion. Execution of these projects will make it possible to open over 11,000 new jobs.
Only 67 projects will be executed in Baku, surrounding settlements and the Absheron district as a whole, while the remaining 115 projects will be implemented in the country’s districts.
Azerbaijan’s Economy Ministry noted that 70 documents cover projects in the field of agriculture, and 112 documents cover projects in the industry sphere. Main part of the received documents accounted for the projects in the field of horticulture, tea growing, food industry, production of rubber and plastic products.
At the same time, 169 entrepreneurs got 744 documents, which allow them to receive benefits when importing equipment. The total cost of benefits is $30.5 million.
Investment promotion documents exempt entrepreneurs from land and property tax for seven years, and also allow repay only half of the income tax during this period. The equipment imported from the companies which received investment promotion documents during the execution of projects is exempt from VAT and customs duties.