Baku Shipyard (BSY), one of the key residents of the Garadagh Industrial Park, may receive an extension of tax and customs benefits for another six years – until the end of 2030. The relevant amendments to the legislation were considered today by the committee of the Milli Majlis on economic policy.
This initiative is driven by the strategic importance of the enterprise for Azerbaijan. As noted in the parliament, the plant makes a significant contribution to the modernization of the maritime fleet, reducing the country’s dependence on imports in the field of shipping, and the development of the non-oil sector.
The need to extend the benefits arose due to the expiration of their current term, as the prices for the plant’s current projects were formed taking them into account. To ensure the stability of the BSY’s operations, new provisions will be introduced into the Tax Code and the law “On the Customs Tariff”, as the practice of extending benefits for residents of industrial parks has not been applied before.
If the amendments are adopted, the plant will be exempted from profit, property and land taxes, as well as from customs duties on the import of necessary equipment. This step is expected to support the long-term development of the shipbuilding industry and strengthen the country’s export potential.
