List of Areas Exempt from Import Tax Expanded

On January 31 President Ilham Aliyev signed a decree (http://president.az/articles/22625), providing for the introduction of amendments to the list of areas of activity for which import machinery, manufacturing equipment and facilities have been exempted from the payment of tax for a period of 7 years since 2016.

Thus, the construction of hotels and so on accommodation facilities requiring an investment of AZN 1 million, catering requiring AZN 100,000 and entertainment facilities requiring AZN 0.5 million outside of the Absheron peninsula can obtain a document on investment promotion.

In addition, investment promotion will be applied to the creation of accommodation means and hostel-type 2-D and 3-star hotels outside of the city of Baku, Absheron and its surrounding area. The minimum amount of investment in these facilities is estimated at 100 thousand manat (hostel) and 2 million manat (hotels).

In April 2016, the President approved the "Spheres of invested economic activity, the minimum amount related to the volume of the investment project, and administrative-territorial units, where it will be implemented." The list (http://ru.president.az/articles/19479) includes 33 areas of economic activity. --- 08D