By Trend

Number of additional benefits are planned to be applied in industrial parks created in Azerbaijan’s liberated territories (Aghdam industrial park and Araz Valley Economic Zone industrial park), Chairman of the Agency for Development of Economic Zones Elshad Nuriyev told Trend.

Nuriyev said that, according to the order of Azerbaijan’s President Ilham Aliyev dated December 10, 2021 on certain measures to accelerate economic development in liberated territories from Armenian occupation, entrepreneurs who carry out their activities there will be provided with additional benefits.

"Here we are talking about customs and tax benefits for the import of materials, benefits related to production activities, wider access to financial resources and state support. Such a package of benefits is being prepared and will be submitted to the Cabinet of Ministers for further consideration," Nuriyev noted.

He also added that to date, residents of Azerbaijani industrial parks are exempt from property, land, profit and income tax for a period of 10 years.

Also, according to the chairman, residents are exempt from VAT on import of machinery, equipment and facilities for production purposes for a period of seven years.

"Future entrepreneurs of industrial parks in liberated lands will be able to take advantage of both these benefits and others that are being developed today," Nuriyev added.