Baku, Azerbaijan, Oct. 19
By Azad Hasanli – Trend:
As part of the mechanism of encouraging investments, Azerbaijani entrepreneurs have received benefits worth more than 40 million manats for the import of various equipment, wrote Azerbaijan’s Economy Minister Shahin Mustafayev in his article published by the "Azerbaijan" newspaper.
According to him, 153 entrepreneurs obtained these funds.
“In total, on the basis of the mechanism of encouraging investments, entrepreneurs will invest about 1.7 billion manats in the country’s economy that will allow opening over 13,000 new jobs,” says the article.
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.
(1.7001 manats = 1USD on Oct. 19)