In Azerbaijan, it is planned to exempt small and medium-sized enterprises from taxes for seven years, said Minister of Economy Mikayil Jabbarov at the opening ceremony of the "Empowering SMEs: Economic Diversification and Green Growth" international conference, Trend reports.
According to him, the development of SMEs in Azerbaijan is one of the prior directions.
"The creation of a strong sector of entrepreneurship against the backdrop of global economic challenges contributes to the further development of the country. Also, I would like to note that high prices for energy resources attract foreign currency to the country and strengthen the macroeconomy rates," said the minister.
He noted that the main mechanisms of business development are state support for entrepreneurship, promotions, and concessional loans.
"Moreover, we have simplified business reporting procedures. Our country ranks at high positions in [World Bank's] 'Doing Business' report. It is planned to expand business opportunities by exempting small and medium-sized enterprises from taxes for seven years, in particular," the minister added.
According to Jabbarov, the number of SMEs in the country is 850,000.
"This rate is achieved due to the state support for SMEs as well as providing transparency and decreasing the fiscal charges," he noted.
Minister said that in 2021 the export of non-oil products by SMEs totaled 66 percent.
"Annually, the manufacture and export of non-oil products by SMEs increase according to all indicators. The government will continue to support them," said Mikayil Jabbarov.
