home . news & publications . Investment News . Big Foreign Investments Needed to Improve Economic Activity in Azerbaijan

Big Foreign Investments Needed to Improve Economic Activity in Azerbaijan

Azerbaijan will take action on increasing economic activity, strengthen macroeconomic stability, Shahin Mustafayev, Azerbaijani Minister of Economy, said Jan. 29.

"This will eventually increase the number of jobs," he said.

Mustafayev made the statement at the conference titled "Experience of Azerbaijan and Turkey in the development of promising areas of agriculture".

He said that a large volume of foreign investments should be drawn to increase the economic activity amid a decrease in the state investment volume.

"One of the main areas is to promote foreign investments," he said.

In this regard, the tax legislation has been changed. According to these changes, a document of the investment promotion will be given to the entrepreneurs in Azerbaijan. After getting this document, 50 percent of the revenues of an individual entrepreneur, a legal entity's profit will be exempt from income tax within seven years.

The benefits would apply to the import of technological equipment and structures, imported into the country by legal entities and individual entrepreneurs.

Their import will be exempt from customs duty and VAT for seven years. The entrepreneurs will be also exempt from a property tax and a land tax for a period of seven years (from the date of getting the document).

Source: Trend

Back to top

subscribe

events view our upcoming events.

network follow us.



   facebook  linkedin  twitter

 bp
anglo-asian ata-holding
azpetrol statoil
bny_melon azertrans
chevron_logo conocophillips
  ibar exxonmobil
 solar-turbines boeing-logo-website
 
  
 
           
        
   
 
 
         pg
    ekvitasocaraqs            
          ge