President Ilham Aliyev has approved the Law on amendments to the Tax Code and the Law “On Customs Tariff”.
According to the updated law, the period of tax and customs concessions for “Baku Shipyard” LLC, a resident of Garadagh Industrial Park under the Agency for the Development of Economic Zones subordinate to the Ministry of Economy, has been extended.
Thus, the profit obtained by a resident of an industrial park from activities determined by the body (institution) designated by the relevant executive authority, within an industrial park created by the body (institution) designated by the relevant executive authority, is exempt from tax for a period of 6 years starting from January 1, 2025.
Furthermore, a resident of an industrial park engaged in activities determined by the body (institution) designated by the relevant executive authority, within an industrial park created by the body (institution) designated by the relevant executive authority, is exempt from paying property tax for property used in the industrial park during that activity for a period of 6 years starting from January 1, 2025, and is also exempt from paying land tax for land used in the industrial park during that activity for a period of 6 years starting from January 1, 2025.
Also, the import of all types of goods for the purposes of activities determined by the relevant executive authority, by a resident of an industrial park created by the body (institution) designated by the relevant executive authority, based on a confirming document from the relevant executive authority, is exempt from customs duties for a period of 14 years starting from May 1, 2016. Previously, this period was 10 years.