President of Azerbaijan Ilham Aliyev ordered providing economic recovery, creating an entrepreneurial environment and permanent workplaces in the liberated territories, said Samira Musayeva, Deputy Chief of the State Tax Service under the Ministry of Economy of the Republic of Azerbaijan, APA-Economics reports.
According to her, business entities that will be registered for tax in these lands will be able to profit from the tax benefits but banks are not eligible for these incentives.
“Taxpayers registered in the liberated territories will receive discounts from the property and land taxes for a period of 10 years. This includes non-sales income. The import of raw materials for production areas is exempted from taxes for a period of 10 years. In addition, taking into account the tourism potential of the liberated territories in addition to being exempted from property and land taxes, the interest rate for VAT refund has been set at 30%”, stressed S.Musayeva at the meeting held today by the Economic Policy, Industries, and Enterprising Committee.
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