BAKU, Azerbaijan, January 9. The State Tax
Service (STS) beneath the Ministry of Financial system of Azerbaijan has
decided tax incentives for enterprises processing agricultural
merchandise, geared toward optimizing prices and decreasing costs for domestically
produced merchandise, Pattern stories.

Lately, amid the worldwide modifications, there was an
improve in costs for various imported agricultural
merchandise.

“The newest amendments to the Tax Code (TC) supplied incentives
for entrepreneurs engaged within the processing of agricultural
merchandise. In response to the amendments, meals producers, after the
adoption of the related incentives by the Cupboard of Ministers,
can be exempt from tax on half of their income for a interval of
seven years, in addition to property and land taxes,” the STS
harassed.

Presently, entrepreneurs engaged within the manufacturing of products are
already having fun with tax incentives supplied for within the Tax Code in
order to stimulate funding in native manufacturing. With the intention to
guarantee stability within the work of taxpayers working within the
agro-industrial sector and stimulate the implementation of their
funding tasks, these businessmen had been additionally supplied with
related tax advantages. Consequently, each new and present
enterprises acquired the identical quantity of tax advantages.

As well as, the civil service reported that various different
tax incentives for agricultural producers have been accredited.

“Authorized entities and people working within the agricultural
sector, along with revenue acquired from the manufacturing of
agricultural merchandise, have revenue from the sale of those merchandise,
and these incentives weren’t utilized to them. With the intention to proceed
the coverage of stimulation within the discipline of agriculture, people
and authorized entities had been launched from revenue tax. Authorized entities –
for one yr, and people – timeless”, the tax service
mentioned.