Leasing companies in Azerbaijan may receive benefits

Business Materials 18 July 2018 18:38 (UTC +04:00)

Baku, Azerbaijan, July 18

By Azad Hasanli - Trend:

Leasing companies in Azerbaijan may receive new benefits, a source in the Azerbaijani government told Trend July 18.

The Financial Market Supervisory Authority of Azerbaijan (FIMSA) has prepared the relevant proposals, according to the source.

The source noted that these measures are being taken for accelerated development of the leasing market.

“This is especially important given that the government wants to give impetus to the development of micro, small and medium-sized enterprises,” the source said. “In many cases, it is easier for small companies to lease production equipment than to buy it through credit. However, in Azerbaijan, the leasing market isn’t so well developed a number of obstacles in this sector don’t allow to offer profitable leasing services.”

The source didn’t specify which benefits leasing companies will receive, but noted that the possibility of introducing tax and customs benefits is being considered. In addition, the proposals include the possibility of introducing sectoral benefits for priority sectors of the economy, the source noted.

The source added that a new draft law on leasing activity is ready. As part of this draft law, the regulation of the leasing market will pass to the FIMSA.

Presently, the regulation of this market is carried out on the basis of a number of provisions and articles of the Civil Code of Azerbaijan.


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