Azerbaijan's Cabinet approves tax breaks for renewable energy development

Azerbaijanchr("39")s Cabinet of Ministers has amended the resolution "On Customs Duty Rates for Export-Import Operations" dated April 22, 1998.

As Olaylar informs that the new resolution, signed by Prime Minister Ali Asadov, aims to provide customs incentives for the development of renewable energy sources (RES) in the country.

According to the resolution, a list of equipment, installations, and components for the production of renewable energy equipment, which are exempt from customs duties when imported into Azerbaijan, has been approved. This exemption is subject to the presence of accompanying documents from the State Agency for Renewable Energy Sources.

The customs duty exemption will come into effect from June 1, 2024, and will remain valid for three years.