Azernews.Az

By Ayya Lmahamad

Azerbaijan's Economy Minister Mikayil Jabbarov has said that elimination of the consequences of COVID-19, restoration of economic activity and business will be the country’s main priorities in 2021.

Jabbarov made the comments during the conference on “Tax system I the post-pandemic period” held on February 12.

The minister stressed that in accordance with the relevant decree of Azerbaijan’s President in 2020, extensive state support is provided to the economy and economic entities. This included measures to mitigate the pandemic, financial support to protect jobs, introduction of periodic tax breaks, provision of soft loans and others.

To this end, business entities in Azerbaijan received financial support in the amount of over AZN 358 million ($210.5M), a package of tax incentives worth AZN 115 million ($67.6M), state-guaranteed loans of AZN 169 million ($99.4M) and AZN 33 million ($19.4M) in the form of interest subsidies on existing loans.

Moreover, Jabbarov underlined that the liberation of Azerbaijani lands from the Armenian occupation raised such an important issue as the revival of the Karabakh region, and necessitated a review of economic development plans. He added that the reintegration of the liberated territories into the economy and realization of the region’s economic potential will be an important factor in accelerating Azerbaijan’s socio-economic development.

Likewise, the minister emphasized that the goal is to expand non-oil exports and accelerate the development of this area. In this regard, it is planned to develop a concept that will contribute to the non-oil export growth. It should be noted that Azerbaijan exports over 120 types of products and the volume of non-oil exports are expected to double by 2025.

Furthermore, acting head of the State Tax Service Orkhan Nazarli noted that the service provided financial support worth AZN 246 million ($144.7M) to employees in the country’s regions affected by the coronavirus pandemic, Trend reported. In addition, financial support to micro-entrepreneurs during the COVID-19 pandemic amounted to AZN 112.2 million ($65.9M).

Nazarli noted that provided support to entrepreneurs is aimed at reducing their financial losses, improving their financial situation and preserving jobs.

“Within the framework of the 1st stage of payment of a certain part of the wages, financial support was provided to 217,500 employees, the second stage – 243,300 employees, the third stage (in 10 regions of the country) – 9,300 employees, 4th stage – 174,300 employees,” he stated.

Additionally, the speakers of the event highly appreciated the measures taken to support the business environment in the new economic conditions in the country, introduction of economic management in accordance with the new challenges and improvement of tax administration, and also voiced proposals for reforms in the implementation of key priorities.

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