Azerbaijan has effective strategy to develop business in post-pandemic period

  14 June 2020    Read: 979
Azerbaijan has effective strategy to develop business in post-pandemic period

Amendments to the Tax Code of Azerbaijan in 2020 will allow providing special conditions for entrepreneurs to obtain orders for the production of goods and the sale of services, in particular, within the framework of state purchases, Chairman of the Center for the Study of Economic Resources Ruslan Atakishiyev told.

The amendments in the Tax Code are mainly aimed at overcoming the consequences of the COVID-19 pandemic, the chairman said.

"The preferential regime for the activities of individual entrepreneurs, micro and small enterprises affected by the pandemic reduces the revenue of taxes and contributions to the budget, but it solves other issues of national importance. Exemption from payment of value added tax (VAT) of certain types of products necessary for food and medical needs of the population, without taking into account the limitation of the cost of disinfection, enables entrepreneurs to import products into the country and sell them without changing prices," Atakishiyev said.

The chairman noted that this is an important step to continue the activities of entrepreneurs.

"These changes in the tax system were aimed at supporting areas affected by the spread of the coronavirus pandemic. The main assistance to entrepreneurs in certain areas was tax holidays and benefits. These benefits are valid until January 1, 2021," he stressed.

"A new economic environment will inevitably form in the post-pandemic period in Azerbaijan. Due to the prepared measures necessary for the development of the country's economy during this period, it becomes clear that Azerbaijan is ready for decisive steps to achieve the goals of development of the country's economy," said Atakishiyev.

The mission of the Center for the Study of Economic Resources is to support the development of the country's economy, the study of advanced economic knowledge and their application in Azerbaijan. The center promotes changes in a market economy.

In 2020, the center plans to expand the range of services for the professional development of business plans and feasibility studies in accordance with the requirements of international and local financial and credit institutions.

 

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