Baku, Azerbaijan, Dec. 26
By Huseyn Veliyev - Trend:
New tax and customs benefits may be offered to residents of the High-Tech Park of Azerbaijan’s National Academy of Sciences (ANAS), a source in the High-Tech Park told Trend.
Proposals for amending relevant legal regulation have already been prepared, according to the source.
"The main goal is to create more investment-attractive environment in the High-Tech Park," the source noted. "The prepared proposals will be submitted to the appropriate authorities, and we hope that they will be reflected in the tax and customs code."
The status of resident of the High-Tech Park has been granted to 11 companies that receive full support from the High-Tech Park. The residents receive expert, legal and financial support. In addition, they also enjoy tax and customs benefits. The residents are exempt from tax on income, property, land, VAT and on imported technical equipment.
In the future, it is expected that raw materials imported by the residents won’t be taxed, either, and the products sold by the residents will be exempt from VAT, and this will ensure the competitiveness of their products.
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