Investors in Large Cities and Border Areas to Receive Tax and Customs Exemptions

The Azerbaijani President issued a decree on invested economic sectors.

According to the document, businessmen who invest in the business from 200 thousand to 10 million AZN will receive a document confirming the right to receive tax and customs benefits. The list includes 32 types of economic activities in 5 regions of the country. The first region concerns the capital of the country, the second is the suburbs of Baku and the Absheron region, the third is the cities of Sumgait and Ganja, the fourth is the settlements related to the first three regions, and the fifth region includes the Nakhichevan Autonomous Republic, the town of Naftalan, and the Fizuli, Khojavend, Aghdam, Terter, Agjabadi, Goranboy, Gedabey, Dashkesan, Gazakh, Tovuz, Agstafa, Lerik, Yardimli, Balakan and Gusar regions.

To obtain the document confirming the benefits one should submit an application to the Ministry of Economy, the list of imported equipment, production equipment and facilities with prices in US dollars, a copy of the contract for the purchase of the said products, and a copy of the investment project.

The documents are considered no later than in 7 working days, and within 3 days the Ministry of Economy informs the Ministry of Taxes and the State Customs Committee of that.  --17D-