TODAY.AZ / Business

Company brewing barley processing plant in Imishli gets tax & customs concessions

05 February 2024 [11:45] - TODAY.AZ

Promalt LLC is implementing the project Construction of a barley malt production plant using new technology and the production of high-quality barley malt raw materials in Imishli, Azernews reports.

The company was given an Investment Promotion document.

The legal representative of Promalt" LLC Sevindik Mehrajli Elman Oglu said registered in April 2023 and has a charter capital of AZN4m ($2,4m).

The investment promotion document is a document that gives legal entities and individual entrepreneurs the basis to obtain the benefits specified in the Tax Code of the Republic of Azerbaijan and the Law "On Customs Tariff". Entrepreneurs who have received an investment promotion certificate are exempted from tax of 50 percent of profit and income, property and land tax, as well as from VAT and customs duty for the import of machinery, technological equipment and devices they import for a period of 7 years.

It should be noted that "Promalt" barley processing enterprise is affiliated with "Azershekar" LLC. It is currently under construction and will perform its first processing in 2024. The enterprise will be the first plant in this field in the South Caucasus region.

In order to create a value chain in beer production in Azerbaijan, the foundation of a new enterprise - a brewing barley processing plant - was laid in Imishli on August 8 of last year. The enterprise built on the territory of the Imishli Sugar Factory belonging to "Azersun Holding" is realized with the joint investment of "Azershekar" LLC, "Azersun Agricultural Goods" LLC and Azerbaijan Investment Company. The plant, which will initially process 11,000 tons of beer barley (malt) per year, and 17,000 tons at the later stage, will fully meet the raw material needs of the largest beer producer in Azerbaijan, the "Carlsberg Azerbaijan" brewery, as well as the producers operating in our country. 50 people will be provided with permanent jobs in the enterprise, an investment of AZN 25m ($14,7m). With the start of the operation of the plant, imports of this product will be prevented and more than 10 million dollars will remain in our country. More than 510 tons of feed additives will be available at the plant. Within the framework of the project, a silo complex with a capacity of 12,000 tons will be built to store the plant's raw materials, and "Azershekar" LLC will also plant barley, sugar beet, and food wheat on an area of ??8,000 ha in Agjabedi, Imishli, and Fuzuli regions.

URL: http://www.today.az/news/business/244333.html

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