Tax benefits have been announced in the free economic zone "Alat"

Baku/09.06.23/Turan: Today, the President Ilham Aliyev  took part in the opening ceremony of the first stage of the free economic zone (FEZ) of  "Alat" (70 km south of Baku). Its total area is 850 hectares. On an area of 60 hectares, work is underway as part of the first stage of the creation of the FEZ. There are identified land plots that will be leased to investors. Customs checkpoints have been built at the main entrance to the territory of the FEZ. Investors will be exempt from value added and income taxes as well as any other corporate tax. Also, customs export and import duties will not be applied.

No income tax will be levied on employees if the monthly salary does not exceed 8 thousand manats. Social insurance payments are voluntary for highly qualified foreign workers and mandatory for local workers.

There will be no restrictions on the ownership of property for foreign individuals and legal entities. There will also be no restrictions on foreign exchange transactions or repatriation of profits. The property of investors cannot be nationalized under any circumstances.

The administration of the FEZ also provides full protection of the intellectual property rights of investors. ---06B---