(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 26. Azerbaijan is
set to introduce a range of tax incentives for businesses engaged
in the production of renewable energy sources, said Samira
Musayeva, Deputy Head of the State Tax Service under the Ministry
of Economy, Trend
reports.
At an event dubbed“Cooperation with Business Associations and
Entrepreneurs and Its Results,” Musayeva pointed out that when it
comes to environmental protection and promoting ecological
sustainability in Azerbaijan, the state is pulling out all the
stops with incentives across different sectors of the economy.
According to her, tax incentives are the bread and butter of
this endeavor.
"We have already observed for several years that the import and
sale of electric and hybrid cars imported into the country are
exempt from value-added tax (VAT).
In the draft law presented as part of the budget package for the
upcoming year, we propose exempting entrepreneurs engaged in
renewable energy production from income tax, corporate tax,
property, and land tax, as well as VAT and customs duties on
equipment they import for constructing energy infrastructure, as
well as imports related to the creation of technological
infrastructure," she added.
To note, the State Tax Service under the Ministry of Economy of
Azerbaijan is holding an event titled "Cooperation with Business
Associations and Entrepreneurs and Its Results" in Azerbaijan's
Baku.
At the event, attendees will hear about the latest tax laws and
regulations, as well as the results of the partnership that was
formed with the appropriate government entities, business groups,
and entrepreneurs.
The gathering features speeches from Samira Musayeva and Ilkin
Veliyev, Deputy Heads of the State Tax Service, Vusal Shikhaliyev,
Head of the Economic Policy and Industrial Affairs Department at
the Presidential Administration of Azerbaijan, Nijat Imanov, Head
of the Main Tax Policy Department, and Avaz Guliyev, Deputy Head of
the Main Tax Policy Department, among other officials and
experts.
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