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Azerbaijan’s regions get 1.7B manat in investments

Business Materials 11 October 2017 13:36 (UTC +04:00)
Some 1.7 billion manats have been invested in the regions of Azerbaijan as part of the mechanism to encourage investments
Azerbaijan’s regions get 1.7B manat in investments

Baku, Azerbaijan, Oct. 11

By Anvar Mammadov – Trend:

Some 1.7 billion manats have been invested in the regions of Azerbaijan as part of the mechanism to encourage investments, said Azerbaijani Deputy Economy Minister Sahil Babayev.

He made the remarks at an Azerbaijani-German business forum in Baku Oct. 11.

“We started using this mechanism about a year ago and have already achieved good results. This mechanism was created to finance the regions of the country, and we already have results,” noted Babayev.

According to him, currently, about 80 projects are being implemented in Azerbaijan as part of the mechanism to encourage investments.

The implementation of several other projects will be started soon, added the deputy minister.

Investment promotion documents exempt entrepreneurs from paying taxes on land and property for seven years, and also allow paying only half of the income tax and profit tax during this period.

The equipment imported during implementation of projects by the companies which get investment promotion documents are exempted from VAT and customs duties.

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