Business inspections in Azerbaijan suspended for 4 more years
By Sara Israfilbayova
Azerbaijan takes great steps in its intention to diversify the national economy on the basis of further development of the non-oil sector.
To put into effect this plan, 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.
So, the Azerbaijani government has extended the moratorium of on inspections of business activities until 2021.
It is allowed 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.”
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 inspection of entrepreneurs' activities in Azerbaijan has been suspended for the period of two years from November 1, 2015.
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.
Besides, there is the National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economy Ministry that has been operating since 1992 to provide preferential loans from the state budget for small and medium business in an effort to develop entrepreneurship in the Republic of Azerbaijan.
The NFES allocated 190 million manats ($111.7 million) for financing projects of local business entities in 2016.
Thus, government of Azerbaijan makes huge efforts to stimulate business development in the country through introducing privileges for entrepreneurs.
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