Azerbaijan extends tax benefits for residents of industrial, technology parks

  26 December 2019    Read: 1218
Azerbaijan extends tax benefits for residents of industrial, technology parks

Azerbaijani President Ilham Aliyev has extended the period of tax and customs exemptions for residents of industrial and technology parks for three years.

The amendments were made as part of the decree “On Amending Azerbaijan’s Tax Code” published Dec. 25.

According to the amendments, the exemption period of residents of industrial and technology parks from paying income tax, land and property taxes, as well as customs duties when importing machinery, units and technological equipment will be prolonged until 2023.

The amendments also apply to managers of companies and operators of industrial and technology parks, who are also exempt from paying income tax on part of the profit aimed at building and maintaining the infrastructure of parks.

The benefits for residents first entered into force Jan. 1, 2013.

There are five industrial parks in Azerbaijan - Sumgait Chemical Industrial Park, Garadag Industrial Park, Mingachevir Industrial Park, Pirallahi Industrial Park and Balakhani Industrial Park, as well as four industrial districts - Neftchala, Masalli, Hajigabul and Sabirabad. The total number of residents in industrial parks and districts is 82.

In total, 162 amendments were made to the Tax Code.

 

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