Azerbaijan may change terms of tax incentives for residents of industrial parks
BAKU, Azerbaijan, Oct. 23
By Matanat Nasibova – Trend:
The period of tax and customs privileges for residents of industrial parks and technology parks are planned to be increased from seven to 10 years in Azerbaijan, Trend reports referring to a source in the Azerbaijani Ministry of Taxes.
This is envisaged in the amendments to the Tax Code, which were submitted to the Azerbaijani parliament for consideration, the source said.
In accordance with the amendments, residents of industrial parks and technology parks will be exempted from paying income tax, land tax, property tax and customs duties when importing machinery and technological equipment for a period of 10 years from the date of registration.
The amendments also apply to the management companies and operators of industrial parks and technology parks, which are exempt from paying income tax from the part of the proceeds allocated by them for the construction and maintenance of infrastructure of parks.
Presently, benefits for residents are valid for seven years from the date of registration. The benefits entered into force on January 1, 2013.
Presently, Azerbaijan has five industrial parks: Sumgait Chemical Industrial Park, Balakhani Industrial Park, Garadagh Industrial Park, Mingachevir Industrial Park and Pirallahi Industrial Park, as well as four industrial zones: Neftchala, Masalli, Hajigabul and Sabirabad industrial zones.
The total number of residents in industrial parks and zones is 82.