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Some services will be taxed at a 0% VAT rate
Some services will be taxed at a 0% VAT rate
As is known, the President of the Republic of Azerbaijan, Mr. Ilham Aliyev, has approved the law "On Amendments to the Tax Code", adopted by the Milli Majlis on December 16.
One of the important amendments to the Tax Code aimed at reducing the tax burden on business and promoting entrepreneurial activity is the inclusion of shipbuilding and ship repair enterprises providing services for the repair of ships, other marine and water transport vehicles, and hydrotechnical installations at a "0" rate in VAT on the basis of orders from non-residents.
The shipbuilding and ship repair industry is of great strategic importance for the Republic of Azerbaijan, and is of great importance in terms of reducing the country's dependence on imports in this area, developing the non-oil sector and strengthening its export potential, as well as modernizing our fleet. It is expected that the application of this concession will form competitive prices for ship repair projects, establish close cooperation with customers, create new jobs, and turn the country into a competitive ship repair center in the region.
As is known, the President of the Republic of Azerbaijan, Mr. Ilham Aliyev, has approved the law "On Amendments to the Tax Code", adopted by the Milli Majlis on December 16.
One of the important amendments to the Tax Code aimed at reducing the tax burden on business and promoting entrepreneurial activity is the inclusion of shipbuilding and ship repair enterprises providing services for the repair of ships, other marine and water transport vehicles, and hydrotechnical installations at a "0" rate in VAT on the basis of orders from non-residents.
The shipbuilding and ship repair industry is of great strategic importance for the Republic of Azerbaijan, and is of great importance in terms of reducing the country's dependence on imports in this area, developing the non-oil sector and strengthening its export potential, as well as modernizing our fleet. It is expected that the application of this concession will form competitive prices for ship repair projects, establish close cooperation with customers, create new jobs, and turn the country into a competitive ship repair center in the region.