Number of entrepreneurs increasing year by year
The reforms carried out in Azerbaijan to improve the business climate, the moratorium on conducting inspections of entrepreneurs, extended until 2021 encouraged a significant number of Azerbaijani citizens to become entrepreneurs.
The reforms carried out in Azerbaijan to improve the business climate, the moratorium on conducting inspections of entrepreneurs, extended until 2021 encouraged a significant number of Azerbaijani citizens to become entrepreneurs.
The inspection of entrepreneurs' activities in the country has been suspended for the period of two years from November 1, 2015.
The extension of the moratorium on inspections of business activities for more four years, allows to carry out quality inspections of medicines and food products for compliance with safety regulations, in accordance with the amendments to the law “On suspension of inspections of entrepreneurial activities.”
The Ministry of Taxes registered 148,990 new taxpayers, of which 11,860 are legal entities and 137,130 are individuals. In general, last year the number of new registered taxpayers increased by 2.13 percent, as compared to 2016.
As of January 1, 2018, the number of persons engaged in entrepreneurial activities without the creation of a legal entity reached 795,000, according to the State Statistics Committee.
Azerbaijan takes great steps in its intention to diversify the national economy on the basis of further development of the non-oil sector.
To this end, the government does its best to encourage business doing in the country and to support entrepreneurs through creating necessary conditions for the development of a healthy business environment.
During the period of the law’s validity, only tax audits, quality control of medicines by relevant executive authorities, verification of compliance with safety regulations and safety control of food products, as well as checks on cases that threaten the health and life of people, national security and economic interests may be carried out.
The suspension of inspections is considered to be an important step for the stimulation of the business development in the country.
Moreover, in order to support entrepreneurship the government creates many other conditions as, issuance of the investment incentives documents following the approval of amendments proposed to the Tax Code of the country.
Under the investment incentives document, half of the revenue of an individual entrepreneur, profits of legal entity are exempted from income tax for seven years. Import of equipment for the implementation of the projects is also exempt of VAT and customs duties.
Also, the state refunds 3-6 percent of the customs value of goods to non-oil exporters within the framework of mechanisms on promoting exports of non-oil products.
It is also planned to create the Agency of Small and Medium Enterprises and the Guarantee Credit Fund in 2017-2018.
Thus, the government of Azerbaijan makes huge efforts to stimulate business development in the country through introducing privileges for entrepreneurs.