Azerbaijan to promote attraction of foreign investment in country

Azerbaijan will encourage attraction of foreign investments to the country to increase economic activity, which will eventually increase the number of jobs, the Minister of Economy and Industry, Shahin Mustafayev, said at a conference titled 'Experience of Azerbaijan and Turkey in the development of promising areas of agriculture'.

According to him, due to a decline in public investment, the increase of economic activity demands an increase the volume of foreign investments raised. "Therefore, one of the main areas is to promote foreign investments," Trend cited the minister as saying.

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

First of all, 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 duties and VAT for seven years, Trend reports.

The entrepreneurs will also be exempt from property tax and land tax for a period of seven years [from the date of getting the document].