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

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

Details added (first version posted on 14:00)

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.

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