On December 10, 2024, the next meeting of the Tax, Customs, and Legal Affairs Working Group of AHK Azerbaijan was held. The meeting, initiated by Turan Legal and Tax Services LLC, focused on discussions regarding the development and legal framework of technology parks in the Republic of Azerbaijan.
The meeting was opened by Gulnar Gurbanova, Vice Chairperson of Legal Affairs on Tax, Customs and Legal Affairs Working Group who welcomed the participants. To begin the event, she first gave the floor to Zalbey Agadadashov, Founder and Director of Turan Legal and Tax Services LLC. Mr Agadadashov informed the participants about his company's activities and new projects.
Subsequently, the floor was given to Nihat Majidov, CEO of the High Technologies Park LLC of the Ministry of Science and Education. In his speech, Mr Majidov discussed the new projects of the High Technologies Park. Nijat Majidov also talked about the VAT exemptions and the implementation of customs solutions within the park. He further mentioned that the first phase of the "SABAH.city" project has already begun and is expected to be completed in 2026, while the second phase will cover the period from 2026 to 2029.
Toghrul Ismayilov, CFO of SABAH.HUB Innovation Center, discussed the various support services offered by "SABAH.HUB" to startups, including mentoring, financial support, and networking opportunities. He also spoke about the upcoming plans and projects carried out in collaboration with partners. Additionally, Mr Ismayilov informed the participants about the "SABAH.school" project, highlighting its role in developing students' skills to work with startups and innovations in schools, as well as other advantages of the program.
In the ensuing part of the meeting, Rashad Jahangirov, Legal Manager of Turan Legal and Tax Services LLC, first provided detailed information about technology parks and their residents. He specifically discussed the income tax exemptions for technology park residents, profit taxes, and legal matters. Rashad Jahangirov emphasized that these tax incentives would have a positive impact on the development of technology parks and the promotion of new innovative projects.
The meeting concluded with an active exchange of views and a “Q&A” session.
