Economy Ministry issues more investment incentive documents
By Nigar Abbasova
Azerbaijan, which is increasingly becoming known for its pro-business attitude, continues its support to entrepreneurs.
Head of Department at the Economy Ministry Yalchin Azizov said that entrepreneurs in Azerbaijan have received some 900 million manats ($ 524.9 million) since April 2016. Addressing a banking conference held in Baku on November 24, he said that investments incentive documents have been issued for the implementation of some 71 projects.
“We are currently considering some 17 investment projects. In tote, implementation of these projects will allow to create more than 5,000 new work places.”
Under the document of investment incentives, half of the revenue of an individual entrepreneur, profits of legal entity are exempted from income tax for seven years. Import of equipment for the implementation of the projects is also exempt of VAT and customs duties.
Businessmen in Azerbaijan became eligible to get a document of the investment incentives following the approval of amendments proposed to the Tax Code of the country.
Priority areas for the country, which possesses a wide range of investment opportunities, are agriculture, heavy and light industry, alternative energy, tourism, information technologies and construction.
Meanwhile, the National Fund for Entrepreneurship (NFES) provided credits on easy terms worth some 143.6 million manats ($ 83.75 million), while financial means will allow to implement some 2,225 projects.
The amount of funds to be allocated by the NFES is expected to reach the level of 250 million manats ($156.2 million) in 2016 with some 70 million manats ($43.7) being provided by budgetary funds
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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