Residents of the Nakhchivan Autonomous Republic have been exempted from profit (income), property, land, and simplified taxes, as well as customs duties for a period of 10 years, starting today.
The editorial reports that this is reflected in amendments to the Tax Code and the Law on Customs Tariff, approved by President Ilham Aliyev.
According to the law, dividend income of shareholders (participants) of legal entities that are residents of the Nakhchivan Autonomous Republic is exempt from tax for a period of 10 years from January 1, 2026. A resident of the Nakhchivan Autonomous Republic is understood to be legal and natural persons registered for tax purposes in the Nakhchivan Autonomous Republic or centrally, and operating directly within the territory of the Nakhchivan Autonomous Republic.
According to additions to the Tax Code, the import of raw materials and materials for the purpose of production, scientific research, and experimental design work by legal entities and individual entrepreneurs who are residents of industrial or technology parks created by the body (institution) determined by the relevant executive authority and located in the territory of the Nakhchivan Autonomous Republic, based on the approval document of the body (institution) determined by the relevant executive authority, has been exempted from VAT for a period of 10 years starting today.
The import of equipment, technological equipment and installations, as well as raw materials and materials for production purposes by legal entities and individual entrepreneurs who are residents of industrial zones created by the body (institution) determined by the relevant executive authority and located in the territory of the Nakhchivan Autonomous Republic, based on the approval document of the body (institution) determined by the relevant executive authority, has been exempted from VAT for a period of 10 years starting today.
According to the amendment, these goods are also exempt from customs duties during that period.