Azerbaijani Economy Ministry discloses details of state programs to reduce coronavirus impact

Azerbaijani Economy Ministry discloses details of state programs to reduce coronavirus impact

BAKU, Azerbaijan, April 1

Trend:

The Azerbaijani Ministry of Economy has disclosed a basic document containing the main directions of the programs prepared in connection with the state support of various sectors of the economy, including entrepreneurship, their coverage, basic tools of supporting the economic growth and entrepreneurship, Trend reports on April 1 referring to the ministry.

Among these directions are a financial support program for the payment of salaries to 304,600 hired employees in the spheres affected as a result of coronavirus (to preserve jobs) and a financial support program for 292,000 individual (micro) entrepreneurs working in the sectors affected as a result of coronavirus (to preserve jobs);

A program of tax incentives, benefits and vacations for business entities working in the spheres affected as a result of coronavirus, and a program of credit and guarantee support for business entities operating in the sectors affected as a result of coronavirus to get the newly issued bank loans worth 1 billion manat ($588.2 million) are also among these measures.

These measures also include the provision of micro entrepreneurs with benefits on simplified taxation for a certain period; exemption for a certain period from property and land taxes; exemption of taxpayers from income tax in the appropriate amount and for the appropriate period; reduction of the simplified tax for people engaged in activity in the field of catering while those who pay income tax will be exempted from it.

The exemption of certain taxpayers from VAT for a certain period; exemption from current tax payments for the corresponding period in the spheres of activity for which privileges will be given; extension of the period for paying income tax as of 2019; extension of the deadline for submitting tax reports, as well as tax payments; temporary exemption of some types of food and medical products necessary for the population from VAT (exemption of import and sale of certain types of products from VAT) are also among these measures.

To rapidly regulate the needs of the population in food, medical and other necessary types of products, raw materials for their production are exempt from VAT.

The deduction of donations transferred by individuals and legal entities to Azerbaijan’s Fund to Support Fight against Coronavirus from the income through which income tax is withheld; withholding of VAT at a zero rate for rendering irreplaceable services by the taxpayer in connection with the prevention of coronavirus are among these measures.

Among these measures are the credit and guarantee support program on provision of business entities operating in the sectors affected as a result of coronavirus with newly issued bank loans (0.5 billion manat) that’s $0.3 billion, providing a state guarantee for 60 percent of new loans in the amount of 500 million manat ($294 million ); maximal interest rate of loans no higher than 15 percent, loan term up to three years.

Subsidizing of a half (7.5 percent out of 15 percent) of interest on guarantee loans through the budget; allocation of additional funds to the Entrepreneurship Development Fund; the credit and guarantee support program on the existing loan portfolio of business entities working in the spheres affected as a result of coronavirus (1 billion manat) that’s $588.2 million are among these measures.

These measures also include a social package to support the financial situation of the population; allocation of funds for social assistance (unemployment benefits, social assistance, etc.); a program related to the payment of the costs for the study of students who are members of families belonging to a socially vulnerable layer of the population:

Allocation of special funds; financial support program for the mortgage and credit guarantee mechanism, allocation of additional funds; the support program related to the utility bills on electricity consumption of the population, an increase in the limit on preferential electricity consumption for the population in the volume of 100 kilowatt hours; the support program for the spheres of vital passenger transportation, allocation of special funds are among these measures.

Turkey's export to OIC member states shrinks
Turkey's export to OIC member states shrinks
Turkmenistan takes part in CIS discussion on fight against COVID-19
Turkmenistan takes part in CIS discussion on fight against COVID-19
UAE allocates aid to Tajikistan to support its COVID-19 battle
UAE allocates aid to Tajikistan to support its COVID-19 battle
Loading Bars
Latest
Turkey's export to OIC member states shrinks
Turkish BOTAS discloses volume of oil shipment from Ceyhan terminal
Volume of cargo transshipment from Portugal via Turkish ports disclosed
Turkey's export to BSEC countries from Jan. through Apr. 2020 slips
National Bank of Georgia talks decrease in export of goods
Turkish Petroleum Corporation appeals to ministry to extend license
Turkmenistan launches new project to support startups
Industrial products prices drop in Kazakhstan
Azerbaijan reports 168 new COVID-19 cases
Gas production by Shah Deniz since 2006 disclosed
Cargo transshipment data via Turkey's BOTAS port revealed
Georgia's international reserves up
Uzbekistan eyes setting up national freelancer center
Central Bank: Azerbaijan expects further decrease in inflation
Turkish ministry discloses data on cargo transshipment via Izmir port
Cargo transshipment via Turkish Ambarli port from Jan. through Apr. 2020 disclosed
Data on payment cards issuance in Kazakhstan revealed
Value of insurance fees in Azerbaijani market from Jan. through Apr. 2020 disclosed
Food safety certificates turn to electronic format in Azerbaijan
Azeri-Chirag-Gunashli: BP reveals oil output volume since 1997
Azerbaijan discloses data on payments in insurance market from Jan. through Apr. 2020
Georgia supports people losing jobs amid COVID-19 crisis
Uzbekistan organizes more charter flights to bring citizens back
Kaspersky providing advanced cybersecurity to Azerbaijani companies amid COVID-19
Iran resumes fuel shipment to Venezuela
Dutch bar terraces fill quickly as lockdown ends
Nasdaq postpones Philadelphia trading floor reopening due to protests
Shipping locks overhaul underway in Kazakhstan to minimize accidents risks
Azerbaijani Central Bank discloses volume of restructured loans
Central Bank: Situation in Azerbaijan's financial sector is satisfactory
Iran's Fars Province to increase wheat production
South Korean Samdong plans to create solid waste recycling cluster in Uzbekistan
JP Morgan: Minimal oil production shut-ins to remain in place through September
Restaurants, malls reopen in Georgia
Uzbekistan supports non-governmental medical organizations
Switzerland’s EuroChem Group AG increases ore output in Kazakhstan
Uzbekistan prepares to launch new resort zone
National Statistics Office of Georgia changes unemployment measurement methodology
Fiat ahead of Volkswagen, Renault in sales on Turkey's car market
Azerbaijan's State Oil Fund discloses amount of funds sold at foreign exchange auctions
Azerbaijan Micro-finance Association talks supporting women's entrepreneurship
Turkey-Turkmenistan trade turnover grows
Imports of goods from China to Georgia down
Spring field work completed in some Kazakh regions
Uzbekistan takes additional steps to join World Trade Organization
Bulgaria updates on construction of Balkan Stream
Turkmenistan, Iran review construction of disinfection facilities on border
Cargo transshipment through Turkish Tekirdagh port revealed
One of Uzbekistan's biggest refineries eyes to halt RON-80 fuel production
Kazakhstan reconsiders recommended rates on deposits in national currency
Azerbaijan discloses amount of debts due from liquidated banks
Weekly review of Azerbaijan's precious metals market (May 22-29)
UNDP in Turkmenistan opens tender for lab equipment procurement
Belarus raises export duties for oil, oil products
Azerbaijani PMD Group's major construction project nearing completion
Weekly review of Azerbaijani currency market (May 22-29)
Another company gets geological exploration license in Kazakhstan
Georgian wine export to China declines
Azerbaijan to apply new transport rules for intercity buses
UNICEF Uzbekistan opens tender for development of intranet
Kazakhstan's economy slowdown to significantly weaken banks' asset quality, performance
Iran reveals fuel production by IRGC-owned refineries
Black boxes from crashed Pakistan jet head to France for analysis
Buffett-backed BYD to supply EV batteries to Ford
Right to learn for every child (PHOTO/VIDEO)
Iran's Khatam Al-Anbiya construction headquarters talks its railway projects
Refinery operators need three steps to stay alive amid COVID-19
Iran to implement more control over car sales and production
Iran likely to begin paying loans to businesses
TOP-8 Turkish LPG importing companies disclosed
Turkey's import of LPG from US nearly doubles
UNDP in Turkmenistan to buy chemicals via tender
UNDP in Turkmenistan opens tender for website design
Uzbekistan slows down inflation
New bus terminal to be built in Turkmenistan’s Dashoguz region
Kazakhstan’s KazMunayGas reduces expenditures within anticrisis measures
Iran reveals its COVID-19 data for June 1
Kazakhstan Aviation Industry to launch unmanned aerial vehicles production
Emirates could take four years to resume flying to entire network
OPEC, Russia discuss extending oil cuts for 1-2 months
Britain reopens markets and some schools as lockdown eases
Azerbaijani Bank Respublika's shareholder composition changes (PHOTO)
Georgia's foreign exchange reserves decline
Trade turnover between Turkey, France declines
Baku's industrial production volume from Jan. through Apr. 2020 disclosed
ADB study maps supply chains for key products in COVID-19 response
SOCAR's Turkish subsidiary discloses sales volume
Geostat reveals TOP 10 goods exported from Georgia to Azerbaijan
Videoconference initiated by ADB held between Azerbaijani president and bank’s senior executives PHOTO)
Georgia implements new hotel complex project
Azerbaijan reveals data on Baku's trade turnover for 1Q2020
Uzbekistan holds talks with European media platform to promote its goods
Azerbaijan sees growth in electrical equipment production
Georgian flour producer to export its products to Greece, other Balkan states
Review of data on construction work in Baku from Jan. through Apr. 2020
Food prices in Uzbekistan increase
Petrofac secures new five-well contract
Georgia reports 11 new COVID-19 cases
UNEC admits students on 5 specialty groups
Azerbaijani credit organization discloses data on restructured loans
All news