Baku, Azerbaijan, 23 July / Trend /
In the first half of the socio-economic development of Azerbaijan took place against the background of the negative influence exerted on the world economy with the world's financial and economic crisis having begun in 2008, in particular, with the sharp decline in world trade, reduce the economy lending by banks and non-banking institutions, Minister of Finance Samir Sharifov said on Wednesday at a meeting of the Cabinet on the socio-economic development in the first half of year chaired by President Ilham Aliyev, state news agency AzerTaj reported.
"Azerbaijan's economy also was tested by the the world's crisis. However, in spite of adverse conditions, as a result of activities carried out under orders of President Ilham Aliyev, and thanks to the powerful financial and economic potential, established in previous years, economic stability, ability to resist negative external influences achieved", - the minister said.
According to him, for six months, state budget revenues amounted to 4 billion 862 million manats.
"In accordance with your request to reduce the impact of world financial and economic crisis to Azerbaijani businessmen and to protect the competitiveness of the businesses, the state took significant steps to reduce their direct taxation", - the minister said.
According to Sharifov, for this purpose in accordance with the law, signed a few days ago, from 2010 the income tax for private enterprise will be reduced from 35 to 20 per cent, tax on profits for companies - from 22 to 20 per cent, turnover for the business calculated under the simplified tax system will be increased from 90 thousand to 150 thousand manats. To reduce the tax burden for individuals from the 2010 top slat of income tax will be reduced from 35 to 30 percent, paid services of pre-schools will be exempt from VAT.