Azerbaijan offers entrepreneurs rent exemptions over COVID-19
By Ayya Lmahamad
Legal entities and individual entrepreneurs in Azerbaijan operating in the spheres negatively affected by the COVID-19 will be exempted from rental payment for the period of nine months, local media reported on August 5.
The rental exemption is reflected in the relevant amendment made to the "Regulation on normative price of state land plats on which privatized state enterprises and facilities, as well as enterprises and facilities built by legal entities and individuals are located" approved by the Cabinet of Ministers.
Thus, according to the amendment, legal entities and individual entrepreneurs operating in the spheres negatively affected by the coronavirus pandemic in the territory of Azerbaijan, except for legal entities controlled by the state, the rent established in accordance with regulation will not be charged from April 1, 2020 till January 1, 2021.
It should be noted that the terms and conditions for the lease of land plots are determined on the basis of an agreement concluded between the lessee and the lessee. The annual lease payment for the land plots on which the state enterprises and facilities being privatized are located shall be determined in the amount of 3 percent of the market value of land in Baku. In other cities and regions of the state the lease payment shall be determined in the amount of 2 percent of the market value of the land.
Earlier, it was reported that the government will provide financial support to business entities working in economic spheres affected by the COVID-19 in the period of August and September as part of the next stage of financial support program.
The financial support will be paid in equal installments in two phases, covering August and September.
Moreover, micro-entrepreneurs, who received a lump-sum payment of AZN 250 ($147) in the first stage, will be reissued a lump-sum aid in the same amount.
Follow us on Twitter @AzerNewsAz