BAKU, Azerbaijan, Aug. 28
By Samir Ali – Trend:
One of the main priorities in Azerbaijan is to achieve transparency in accounting for business entities and households, Head of the Department of the Azerbaijani Center for Analysis of Economic Reforms and Communication, Nijat Hajizade, told Trend.
Hajizade stressed that the share of the shadow economy in Azerbaijan is regularly emphasized by the president.
“The concealment of income and turnover leads to non-fulfillment of tax and social obligations. The transparency of accounting for business entities and households to support their future activity in crisis and emergencies based on their potential is a priority sphere established by the Azerbaijani president for the economic bloc of the country,” head of the department added.
“As a result of the slowdown in the world economic growth due to the COVID-19 pandemic, consumption by households, as well as direct, portfolio and credit investments of business entities decreased,” Hajizade said.
“The activity of most spheres, except for the companies engaged in the retail trade, food production, agriculture, import of medical and pharmaceutical goods, medical equipment, operating in the field of information technologies, as well as those working in other vital spheres, were suspended due to a special quarantine regime introduced within the fight against COVID-19,” head of the department said.
“Nevertheless, some business entities that have resumed activity after the mitigation of quarantine regime cannot return to their previous competitive level,” Hajizade added.
“Thus, the goals outlined by the president include providing entrepreneurs affected by the crisis, citizens who have temporarily stopped their activity, with liquid funds and other incentives through fiscal stimulus packages,” head of the department said.