Azerbaijan provides special incentives to innovative startups, Deputy Economy Minister Sevinj Hasanova said at a panel discussion of ministers on the topic “Creative Industry: New Opportunities for Sustainable Development and Employment” at Baku Convention Center, Trend reports.
If private entrepreneurs and enterprises direct their income to the innovation sphere during three years, their profit will be exempt from tax, Hasanova noted.
In addition, broad preferences are also provided for enterprises with small and medium-sized business clusters, the deputy economy minister added.
“They can be exempted from income tax and land tax,” Hasanova said.
The deputy economy minister noted that Azerbaijan has created ample opportunities for the development of the creative industry.
Hasanova added that the main challenges the ministry faces are the acceleration of economic growth and rapid development of diversification.
No less important challenges are related to eliminating unemployment and ensuring decent employment for young people in Azerbaijan, said the deputy economy minister.
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