By Ayya Lmahamad
Azerbaijan continues to support entrepreneurs and small businesses to curb the economic impact of COVID-19 pandemic.
Thus, in accordance with the resolutions of the Cabinet of Ministers, the State Tax Service under the Ministry of Economy continues to transfer funds to hired employees of taxpayers engaged in areas affected by the pandemic and in the framework of financial support programs for private entrepreneurs.
Financial support worth AZN 51.9 million ($30.5M) was paid to 22,885 taxpayers covering 234,355 employees in August as part of the second stage of the financial support package amid pandemic.
The second stage of the financial support program that started in August covered 18,245 more employees, compared to the first stage. This is due to the increase in the number of employees who signed labor agreements.
Moreover, 49,887 micro-entrepreneurs received lump-sum payment in the amount of AZN 12.4 million ($7.2M) within the second stage of financial support in August.
Earlier, the country’s Ministry of Economy announced the second phase of the program to provide financial support to business entities working in economic spheres affected by the COVID-19 that will cover August and September.
The financial support program in the second phase covers micro-entrepreneurs who received a lump-sum payment of AZN 250 ($147) in the first stage of the program and there is no need to re-apply for financial support. The financial support will be paid in equal installments in two phases, covering August and September.
The payment of the first phase for August has already been completed, and after September 10, the transfer of the next part of the funds to be paid to the hired employees of entrepreneurs under the second financial support program will begin.
Financial support is provided to taxpayers in accordance with the order of the Azerbaijani President and the relevant decision of the Cabinet of Ministers, working in areas affected by the pandemic, and who received funds under the first phase of financial support and have not made significant staff reductions.
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