Residents of Azerbaijan’s High-Tech Park may get additional benefits
By Narmina Mammadova
New tax and customs benefits may be offered to residents of the High-Tech Park of Azerbaijan’s National Academy of Sciences (ANAS), a source in the High-Tech Park told Trend.
Proposals for amending relevant legal regulation have already been prepared, according to the source.
"The main goal is to create more investment-attractive environment in the High-Tech Park," the source noted. "The prepared proposals will be submitted to the appropriate authorities, and we hope that they will be reflected in the tax and customs code."
The status of resident of the High-Tech Park has been granted to 11 companies that receive full support from the High-Tech Park. The residents receive expert, legal and financial support. In addition, they also enjoy tax and customs benefits. The residents are exempt from tax on income, property, land, VAT and on imported technical equipment.
In the future, it is expected that raw materials imported by the residents won’t be taxed, either, and the products sold by the residents will be exempt from VAT, and this will ensure the competitiveness of their products.
High Tech Park Limited Liability Company under the Ministry of Communication and Information Technologies was established according to President Ilham Aliyev’s Decree in frame of the national development program, Azerbaijan 2020 in November 5, 2012. According to the Decree, 50 ha of land in the Pirallahi district of Baku was allocated to the Park.
The main purposes are to stimulate the ICT development in the economy and increase the competitiveness of national technological market and to create modern infrastructure for further pursuit of Research & Development and implementation of new technologies in the country.
The High-Tech Park has already concluded major contracts for the export of cables with Georgia, Kazakhstan, Tajikistan and Kyrgyzstan. The signed agreements are already being fulfilled.
---
Follow us on Twitter @AzerNewsAz