In Azerbaijan, a new legal mechanism has come into force that expands tax and customs exemptions for the import of machinery, technological equipment devices, raw materials and supplies into the territories liberated from occupation. These changes are reflected in the amendments made to the Law on Licenses and Permits.
According to the updated law, new provisions have been added regarding confirmation of documents for machinery, technological equipment and devices imported by residents managing organizations and operators of industrial and technology parks, as well as legal and individual entrepreneurs with investment promotion documents.
Entrepreneurs operating in specific sectors and product groups that are exempt from value-added tax and customs duties in the liberated areas will also be able to benefit from these exemptions.The new rule came into force on January 1, 2023 and will remain effective until January 1, 2033.
The expanded tax and customs exemptions in Azerbaijan will lower operational costs for businesses by exempting machinery, equipment, and raw materials from taxes and duties. This encourages investment, supports industrial growth, and promotes entrepreneurship in the liberated areas. The changes will help revitalize the economy in these regions and foster technological development.
