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Economy Ministry issues investment incentive documents worth 86.5M manats

27 April 2017 18:47 (UTC+04:00)
Economy Ministry issues investment incentive documents worth 86.5M manats

By Sara Israfilbayova

Azerbaijan’s Economy Ministry issued 15 investment incentive documents worth 86.5 million manats to entrepreneurs and has provided 15 entrepreneurs with documents on payment of export promotion in the amount of 704,900 manats.

The documents were presented to the entrepreneurs within the framework of the conference dedicated to the Day of Entrepreneurs, on April 26.

Representatives of state bodies, international organizations, representatives of chambers of foreign states, as well as entrepreneurs from various sectors of the economy attending the event noted the importance of measures aimed at developing entrepreneurship in the country.

President Ilham Aliyev signed a decree on additional measures to encourage investment on January 18, 2016. The decree was signed to expand investment activities, improve business environment, increase industrial production, as well as create a mechanism and normative legal acts related to encouragement of investments, in accordance with the action plan for realization of the “2015-2020 State Program for Development of Industry in Azerbaijan.”

Under the investment incentives document, 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.

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