20.3 million manats will be invested in local production and more than 60 new jobs will be opened as a result of the implementation of 3 projects that received investment promotion documents.
Investment promotion documents were presented to 3 entrepreneurs at "Baku SME House". Projects that have received investment promotion documents will be implemented in Gusar, Imishli and Samukh regions, in the field of food production. Thus, the investment promotion documents are "Preparation and packaging of fruit juice" of "VVE GROVV" LLC, "Construction of a barley malt (malt) production plant with the application of new technology and production of high-quality barley malt raw materials" of "Promalt" LLC. "Organization of processing of various fruits" projects of "Fruit Agro" CJSC.
As a result of the implementation of the projects with the investment promotion document, approximately 20.3 million manats will be invested in local production and more than 60 new jobs will be created.
The investment promotion document is a document that gives legal entities and individual entrepreneurs the basis to obtain the benefits specified in the Tax Code of the Republic of Azerbaijan and the Law "On Customs Tariff". Entrepreneurs who have received an investment promotion certificate are exempted from tax of 50 percent of profit and income, property and land tax, as well as from VAT and customs duty for the import of machinery, technological equipment and devices they import for a period of 7 years.
Entrepreneurs can apply for an investment promotion document to the Ministry of Economy, as well as to the service window operating in the SME houses of the ministry (located in the cities of Baku, Khachmaz and Yevlakh).
It should be noted that so far investment promotion documents have been issued to 588 projects of entrepreneurs. This mechanism provides an additional opportunity for entrepreneurs to direct more funds to investment projects, expand production and export competitive products.
