TODAY.AZ / Business

Azerbaijan discloses tax incentives for business entities

05 April 2020 [16:49] - TODAY.AZ

By Trend


The entrepreneurs (working in both small and medium-sized enterprises) who have suffered certain losses as a result of a pandemic will be provided with tax benefits and vacations, Trend reports referring to the Azerbaijani Cabinet of Ministers.

There is the corresponding information in the "Action Plan on the implementation of the item 10.2 of the order # 1950 of the President of Azerbaijan dated March 19, 2020" “On a number of measures to reduce the negative impact of coronavirus (COVID-19) and sharp fluctuations as a result of coronavirus in the global energy market and stock market, on the economy of the Republic of Azerbaijan, macroeconomic stability, issues of employment in the country and business entities" approved by the Cabinet of Ministers on April 5.

Micro-entrepreneurs will be provided with simplified tax benefits and will be temporarily exempted from property tax and land tax. They will be provided with deferred benefits on income tax and simplified tax and will be temporarily exempted from current tax payments on income tax and property tax.

The deadline for reporting related to the microenterprises (income and profit, property and simplified taxation) and payment of taxes will be extended.

The deadline for paying taxes related to the economic spheres of activity negatively affected as a result of the pandemic will be extended.

The certain types of imported products (food and medical supplies) necessary to meet the needs of the population from VAT will be temporarily exempted.

The import of raw materials related to the production of certain types of products, namely, food, medical supplies and other necessary products, will be exempted from VAT to meet the needs of the population.

The taxpayers’ expenses associated with the necessary preventive measures, including disinfection, will be excluded to prevent the spread of the epidemic and protect the life and health of the population.

The benefits on taxes which are charged from rental fee will be provided.

The interest rate on unpaid taxes, as well as mandatory state social insurance and unemployment insurance fees will be deferred for a certain period.

The social insurance burden of a number of business entities will be reduced.

URL: http://www.today.az/news/business/192674.html

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