The government of Azerbaijan understands the necessity of diversifying the economy and has plans to implement several measures to mitigate the risk, AzVision.az reports citing the company.
This includes a comprehensive review of non-oil tax policy, the introduction of a flat tax system, and low VAT to support the growth of medium-sized companies.
Additionally, the government has ambitious plans to improve infrastructure, particularly in energy and transport, which will be beneficial to the development of a competitive non-energy sector. Nominal growth of income and consumption will provide further support for the diversification of the economy beyond the oil and gas sector, according to Fitch Solutions.
AzVision.az
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