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Official Gazette

Friday, July 10, 2020

More incentives for supporting industries

Updated: 14:18’ - 27/02/2020
The Ministry of Industry and Trade is working on a draft decree revising Decree 111 of 2015 that is expected to provide more incentives for supporting industry products prioritized for development.

As per the draft, organizations and individuals would be exempt from import duty on goods imported to create fixed assets, raw materials, supplies and components to implement investment projects to manufacture supporting industry products prioritized for development.

In addition, they would enjoy exemption from land and water surface rents for 15 years after obtaining a certificate of qualification for incentives and a 50-percent reduction for the subsequent seven years.

Businesses would also be entitled to borrow the State’s investment credit. In case of lending capital from commercial loans, they might be provided with interest-rate subsidies at the maximum rate of 3 percent in a maximum period of 12 years for a loan equaling at most 80 percent of the value of contracts to produce supporting industry products eligible for development investment incentives they have signed.

Additionally, businesses would also receive financial support from local budgets to build centralized solid waste treatment systems up to environmental standards.- (VLLF)

 

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