Production site can be exempt from VAT in Azerbaijan

22.11.2022,12:23


November 22, Fineko/abc.az. With the purpose to provide soybeans and soybean meal in Azerbaijan at the expense of local production, an exchange of views was held on the mechanisms of state support in this area, on the impact of tax benefits, including VAT-exemption, on the development of the industry, on livestock and poultry farms (feed prices), as well as on the future development of the industry, export potential and investment prospects.

ABC.AZ reports with reference to the State Tax Service under the Ministry of Economy that the Service held a meeting with feed producers and representatives of livestock farms. At the meeting STS Main Tax Policy Department’s head Nijat Imanov stressed that the replacement of imports with local production is a priority direction of state policy. He noted that provision of domestic production of extracts and feed additives derived from soy products, as well as its sale to farms by domestic producers, can have positive impact on both the price of the product in terms of cost and employment policy. Imanov noted that work on the promotion of the agricultural sector continues.