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Azerbaijan To Extend Agricultural Tax Breaks

by Tatiana Smolenska, Tax-News.com, Moscow

18 November 2013


The head of Azerbaijan's Parliamentary Committee on Agrarian Policy, Eldar Ibrahimov, announced on November 13, 2013 a number of tax incentives for the agriculture sector.

Speaking at a parliamentary debate session on the 2014 budget, Ibrahimov said that the government will extend existing tax concessions for domestic agricultural producers. This backs up a statement he made in October of this year in which he stated that the tax concessions, which were enacted in 2001, will remain in place for a further five years.

Agricultural producers in Azerbaijan have saved AZN1.4bn (USD1.7bn), and their production has increased from AZN1.2bn to AZN4.8bn since the tax benefits were introduced.

Ibrahimov also said in his parliamentary address that, under amendments made to the tax code in 2013, residents of industrial and technological parks will enjoy a seven year exemption from income tax, land tax, property tax, and customs duties on imports of machinery, installations, and technological equipment. Companies which manage and operate industrial and technological parks will also be exempt from paying tax on income which is used for the construction and maintenance of park infrastructure.

TAGS: tax | tax incentives | budget | Azerbaijan | construction

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