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Azerbaijan: Designation of strategic investment projects qualifying for tax benefits

Strategic investment projects that may qualify for investment promotion and thus exemption from a number of taxes and customs duties

March 1, 2024

The president on 1 February 2024 signed a decree designating the following as strategic investment projects that may qualify for investment promotion and thus exemption from a number of taxes and customs duties:

  • Production projects based on local raw materials (i.e., metal ore, oil, gas, chemical, construction materials, and cotton fields)
  • Energy production projects based on renewable energy sources
  • Waste management and recycling projects
  • Seawater desalination projects
  • Projects related to establishment of private industrial districts
  • Production projects of non-oil industry enterprises privatized through investment competitions after 1 January 2023
  • "First in Azerbaijan" projects that promote the level of self-sufficiency with local products (import substitution) or increase of the export potential of the non-oil sector
  • Aircraft operation and maintenance projects
  • Projects for the repair of railway rolling stock and the production of its spare parts
  • Production projects of military products
  • Aluminum products production projects
  • Public-private partnership projects (including electricity generation projects implemented by the private sector with the government's purchase obligation)
  • Accommodation project within the framework of COP29 international event

    The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.

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    Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

    The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

    The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

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