Azerbaijani minister: Significant tax incentives applied in priority areas

Significant tax incentives are applied in priority areas for the Azerbaijani economy, Minister of Economy Mikayil Jabbarov said at the “Tax service – 25: Sustainable development and effective transformation” forum held in Baku Thursday, Report informs.

“We should note the incentives for the reintegration of liberated territories, benefits for vulnerable social groups, steps to stimulate the private sector, exemptions for residents in industrial parks, incentives for startups, and tax benefits that develop the ecological environment. These constitute an important reform package that drives economic activity, social welfare, and the development of the non-oil sector. Reforms in the tax system and changes in legislation align with the targets of the ‘2022-2026 Socio-Economic Development Strategy.’ Digital tools help improve the quality of tax services and simplify business processes. The development of technologies serves to eliminate time loss. As a result of the expansion of electronic tax services, entrepreneurs can now fulfill their tax obligations in minimal time,” Jabbarov said.

The minister added that export-oriented sectors and services should be promoted to ensure sustainable economic growth and fiscal stability. "Our country's resources and favorable geographical position create additional opportunities for this. Azerbaijan is located on several transcontinental trade routes, and our country has great potential in the non-oil sector. It is important to involve this potential in economic circulation."