Part of the recent changes to the Tax Code aims to increase the attractiveness of the investment environment.
As is known, in accordance with the Tax Code, the construction of production facilities by residents of the industrial or technology park and taxpayers who received investment promotion documents, machinery, technological equipment and devices imported for the purpose of carrying out scientific research and experimental-constructive work and production are exempt from VAT paid at the time of importation. However, taxpayers who did not fall into this category had to pay a large amount of tax to the customs authorities for the same transactions, which caused difficulties in their financial situation. In order to eliminate the mentioned situations and encourage investments in the country, the imported fixed assets were exempted from VAT with the latest changes to the legislation. The import of fixed assets, the list of which will be approved by the Cabinet of Ministers, will not be subject to VAT indefinitely.
These incentives will apply to the imported fixed assets in areas considered a priority for the country's economy, including the import of processing and production equipment and other fixed assets. So, it is predicted that economic growth will be achieved in relevant areas by saving working capital.
