Applying tax incentives for startups offered in Azerbaijan

Applying tax incentives for startups offered in Azerbaijan

BAKU, Azerbaijan, Nov. 14

By Elchin Mehdiyev - Trend:

There is no doubt that the proposed amendments to Azerbaijan’s Tax Code contribute to the development of the economy at an accelerated pace, as well as the expansion of entrepreneurship, Azerbaijani MP Bakhtiyar Aliyev said during discussions of amendments to the Tax Code in the parliament, Trend reports Nov. 14.

The MP said that a lot of work has been done in Azerbaijan in a short period of time, and wide opportunities have been created for entrepreneurs.

“Today, tax policy in Azerbaijan is carried out in accordance with the concept of reforms,” Aliyev noted. “From this point of view, there is no doubt that the proposed amendments will give an excellent result. The issue of importing equipment for scientific, educational, healthcare and other fields, which isn’t produced in Azerbaijan, was also discussed. This equipment was taxed heavily. But after discussions, it was decided to amend the legislation and a grace period was determined for the import of this kind of equipment lasting seven years. Now it is proposed to increase it to ten years. This is a very important issue.”

“Another issue is that startups are increasingly being implemented in Azerbaijan,” the MP said. “They make tangible contribution to the development of the economy, including entrepreneurship, and this must be encouraged. From this point of view, I believe that it is necessary to apply the appropriate benefits in this area as well.”

Aliyev added that if at one time the great leader Heydar Aliyev hadn’t contributed to the introduction of high-tech industries in Azerbaijan, hadn’t created an air conditioning plant and other similar enterprises, experienced design laboratories wouldn’t have been created, thanks to which, in many ways, the work is being carried out today to ensure Azerbaijan’s defense capability at the country's own expense.

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