Governments across the world are striving to formulate measures to mitigate the economic impact of the pandemic in the best possible ways. With reference to the Azerbaijan Cabinet of Ministers, Trend reported the decision that disclosed the provisions of tax incentives being given to the business entities.
The provision enables the micro-entrepreneurs to have simplified tax benefits along with a temporary exemption from the property and land taxes. The deadline for reporting and payment of tax liability relating to the enterprises being negatively affected by the pandemic has also been extended.
Certain categories of imported medical supplies, food and raw materials for the production of the same have been temporarily exempted from Value-Added Tax (VAT).
Expenses relating to the preventive measures will be excluded with an aim to prevent spread and to protect the health of the population from the pandemic.
Entities affected by the economic consequences of the pandemic will have the interest on unpaid taxes, state social insurance, and unemployment insurance fees deferred.
Action Plan on the implementation of item 10.2 of order #1950 of the President of Azerbaijan dated March 19, 2020 and various measures to reduce the impact of the pandemic have been approved by the Cabinet of Ministers on April 5.