Industrial Park residents save millions through tax and customs concessions

Residents of industrial parks managed by the Agency for Development of Economic Zones (ADEZ) have saved a total of 483 million manats to date, including 22 million manats in the first six months of this year, thanks to import VAT and customs concessions, Azernews reports.

ADEZ reports that industrial park residents benefit from a 10-year exemption from property, land, and profit taxes, as well as VAT and customs duties on machinery, technological equipment, and production facilities.

Currently, 150 business entities with over 7.8 billion manats in investments have achieved resident status in these industrial zones. Entrepreneurs have invested more than 6.8 billion manats in these zones, creating over 10,500 permanent jobs.

Looking ahead, approximately 1 billion manats are planned for investment in ongoing projects within the industrial zones, which are expected to generate more than 7,100 additional jobs.