MP hails economic package to give tax incentives to entrepreneurs in Azerbaijan

By Trend

Tax incentives stipulate the use of a new economic model in Azerbaijan in the post-pandemic period, Azerbaijani MP Vugar Bayramov told Trend on April 22.

“The economic package approved by the Azerbaijani government envisages the support of entrepreneurs both during the pandemic and after it,” the MP said. “Therefore, the entrepreneurs will be provided with the opportunity to minimize costs in the pandemic and post-pandemic periods, as well as quickly restore the economic activity thanks to the tax incentives. The benefits cover almost all business entities, including microenterprises.”

“A 50 percent discount on simplified tax is offered to the micro-entrepreneurs within the package,” the MP added. “The benefits are provided in the amount of 75 percent on income tax for taxpayers working in the regime of profit taxation."

Bayramov emphasized that the main goal is to achieve the speedy recovery of economic activity.

"Tax benefits can be regarded as indirect financial state support because the entrepreneur will pay less,” the MP added.

“This will also contribute to the expansion of the activity,” the MP said. “The entrepreneurs will receive even more state support in the post-pandemic period upon the president’s instructions. A more liberal economy will be legalized and formed thanks to the new tax incentives. The steps which are taken and the benefits which are applied stipulate the introduction of a new economic model in Azerbaijan in the post-pandemic period."