KOBIA: First 2024 investment documents granted

Investment incentive documents were presented to 3 entrepreneurs in "Baku SME House". The projects that received the investment incentive document will be implemented in Gusar, Imishli, and Samukh districts, as well as in the field of food production, Azernews reports.

As a result of the realisation of three projects that received investment promotion documents, it is planned to invest about AZN 20.3 mln in local production, and more than 60 new jobs will be created.

Thus, documents on investment stimulation were issued to the projects of "VVE GROVV" LLC, "preparation and packaging of fruit juice", "Promalt" LLC "construction of barley malt (malt) plant with application of new technology and production of high-quality barley malt raw material" and "Fruit Agro" CJSC "organization of processing of various fruits".

The document on stimulation of investments is a document giving grounds to legal entities and individual entrepreneurs to receive privileges established by the Tax Code of the Republic of Azerbaijan and the Law "On Customs Tariff". Entrepreneurs who have received the document on investment incentives are exempt for 7 years from income tax and 50 percent of revenue, property tax, and land tax, as well as from VAT and customs duty on imported machinery and technological equipment.

Entrepreneurs can apply for a document on investment incentives at the Ministry of Economy, as well as at the Ministry's service window operating in SME houses (located in Baku, Khachmaz, and Yevlakh).

It should be noted that so far, 588 projects by entrepreneurs have received investment promotion documents. This mechanism gives entrepreneurs an additional opportunity to allocate more funds to investment projects, expand production, and export competitive products.