Baku, Azerbaijan, July 31
By Ilkin Shafiyev – Trend:
Azerbaijan's Sumgait Chemical Industrial Park LLC, Balakhani Industrial Park LLC, the Agency for Development of Small and Medium-Sized Enterprises and Green Corridor CJSC signed a memorandum of understanding in Baku July 31.
The memorandum was signed during a round table meeting titled "Simplification of Customs Clearance Procedures for Export-Import Operations in Industrial Parks - Green Corridor".
The document envisages cooperation in simplification of export-import operations for industrial parks.
Presently, Azerbaijan has five industrial parks: the Sumgait Chemical Industrial Park, the Balakhani Industrial Park, the Garadagh Industrial Park, the Mingachevir Industrial Park and the Pirallahi Industrial Park, as well as four industrial zones: the Neftchala, Masalli, Hajigabul and Sabirabad industrial zones.
Today, all residents of industrial parks, high-tech parks and agriculture parks are exempt from property tax, land tax, profit tax and VAT on imported equipment for seven years. Repatriation of profits after payment of taxes is guaranteed to all investors.
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