Baku, Azerbaijan, Nov. 6
By Matanat Nasibova - Trend:
The grace period for residents of industrial parks may be increased in Azerbaijan in 2019, the Balakhani Industrial Park told Trend.
The source noted that today, the residents enjoy various benefits, and very importantly, they are exempt from income tax (income tax on individual entrepreneurs), land tax and value added tax on the imported equipment.
"To date, all these benefits have been provided for a seven-year period, but due to a number of production problems, there is an urgent need to extend this period for another couple of years," the source said.
The source added that supposedly, the grace period can be extended to 10 years.
The Balakhani Industrial Park (BIP) was established in September last year in order to develop green economy in the country and to create favorable conditions for entrepreneurs in waste management.
All industrial parks in Azerbaijan operate under the Sumgait Chemical Industrial Park CJSC. In total, the country has five industrial parks - Sumgait Chemical Industrial Park, Balakhani Industrial Park, Garadagh Industrial Park, Mingachevir Industrial Park and Pirallahi Industrial Park.