New investment law to offer guaranteed 7-year stable tax system to foreign investments
A new investment law to be tabled to Parliament soon will focus on tax-exemptions, preserving direct support to special investment categories and offering incentives to relocation to less-developed regions, Economy ministry sources told ANA-MPA on Monday.
The guidelines of the new legislation will be: supporting existing and creating new export-orientated, innovative enterprises, boosting employment and particularly skilled personnel, strengthening cooperation through supporting cooperative groups, social economy enterprises, mergers and clusters, and supporting regions with lower development dynamism.
The new law will emphasize on tax-exemptions and subsidizing leasing. Tax-exemption will be offered gradually with completion of 50 pct of the investment, while subsidies will be offered to special investment categories such as start-ups, innovative enterprises, networking or less-developed regions. The new law will focus on internationally acclaimed products and services, while for investments on machinery equipment will be offered favorable terms, fast-track assessment and inspections. For large foreign investments, fast-track licensing procedures and guarantees of a stable 7-year tax system will be offered.
The new investment legislation is currently finalized and will be tabled to Parliament within the next few days.
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