Residents of industrial parks managed by the Economic Zones Development Agency (EZDA) under Azerbaijan’s Economy Ministry have saved over 501 million manats ($294.7 billion) to date thanks to import VAT and customs incentives, Elchin Kazimov, EZDA's spokesperson, told Report.
Kazimov made the announcement during a media tour organized to the Aghdam Industrial Park.
"Residents are exempt from property, land, and income taxes for 10 years from their registration date. They are also fully exempt from VAT and customs duties when importing equipment and devices for production purposes. These incentives have enabled residents to save more than 501 million manats in total, including 40.68 million manats (almost $23.93 million) in the first 11 months of 2024 alone," Kazimov highlighted.
He also noted additional concessions available in industrial parks located in Azerbaijan’s liberated territories, such as preferential bank loans, subsidization of social insurance payments, a 20% discount on utility services, and full exemption from customs duties and VAT for imported raw materials.
Currently, eight industrial parks are operating under the management of the EZDA. Residents have invested nearly 5.66 billion manats (just under $3.33 billion) to enhance the production capabilities of these parks, resulting in the creation of over 17,000 jobs.