BAKU, Azerbaijan, September 19. Tax incentives will be applied in Azerbaijan for projects aimed at environmental improvement and renewable energy production, the head of the Department for monitoring legislation and working with business entities of the Main Department of Tax Policy of the Tax Service under the Ministry of Economy of Azerbaijan, Ahmad Ahmadov, said at the VIII Eurasian Forum of Accountants and Auditors, Trend reports.
“In the near future, within the framework of the green energy strategy, additional economic tools will be applied to incentivize businesses that are engaged in environmental activities and contribute to the improvement of the environment. In particular, tax incentives will be provided for companies actively involved in the production of energy from renewable sources, as well as for foreign investors interested in such projects,” Ahmadov noted.
According to him, tax incentives will be an important element in encouraging investment in this area.
“The Tax Service has been studying international experience in recent years on the introduction of carbon footprint assessment tools and other measures aimed at achieving national environmental goals,” he added.