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Transparent economic activity gave an opportunity to take advantage of all the benefits offered by the state.

21 May 2020 | 16:00

Along with provision of the dynamic development of the country's economy, consistent measures have been taken in recent years to ensure full transparency of business activities and income. The reforms conducted by the state in all spheres and the benefits provided for the population created favorable conditions for a significant reduction in the scale of the "shadow" economy and further improvement of the competitive environment; public-business relations were built on a healthier basis, and financial discipline improved in all fields. A significant example of this approach is the action plan created during the coronavirus pandemic. In the plan of measures, the order of the President of the Republic of Azerbaijan allocated 900 mln AZN for direct compensation to support economic activity in the affected areas. Thus, financial support was provided to the affected entrepreneurs, who retained the jobs of employees doing piecework, they were given wide tax benefits, a state guarantee on Bank loans, allocated for their fields, in the amount of 1.5 bn AZN was provided, and interest was subsidized. Despite the fact that the special working regime applied to protect the health and safety of the population in such areas as trade, tourism, public catering, etc., and social isolation of the population have a negative impact on the development of business activity and most areas of the economy in the country, the measures to support entrepreneurship are being strengthened in order to prevent negative trends that may arise in the economy of Azerbaijan. By the orders of the head of state, strengthening support for entrepreneurs creates new opportunities for them. Using these means effectively and transparently, the most negatively affected 12 areas of activity, such as tourism, hospitality, catering, entertainment, transport, trade, etc., received wide financial support. New initiatives are being implemented through the application of tax incentives by the government of Azerbaijan, the easing of business lending conditions, more active involvement of small and medium-sized entrepreneurs in state tenders, and the expansion of the self-employment program. It is important not only to increase the social responsibility of entrepreneurs, but also to give preference to business representatives who demonstrate transparency, honesty, and social orientation when applying benefits. In this regard, additional tax and customs preferences will be provided to companies that maintain jobs and employment, do not terminate employment contracts, do not allow unpaid leave and do not reduce number of employees. Along with subsidizing part of the interest on consumer loans, the importance of a transparent economy is once again relevant in this situation. As elsewhere in the country, in this difficult time of the fight against coronavirus, Gabala entrepreneurs must follow the corporate social responsibility principles, fulfill social obligations, and demonstrate unity as a whole.

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