Information session on changes made in Tax Code held for ICT companies and startups

An information session on changes made in the Tax Code of the Republic of Azerbaijan was held today for ICT companies and startups on the initiative of the State Fund for Development of Information Technologies, with the support of the Ministry of Transport, Communications and High Technologies and the Ministry of Taxes and Agency for Development of Small and Medium-Sized Enterprises.

Deputy Minister of Transport, Communications and High Technologies Elmir Velizade said that the Government of Azerbaijan pays great attention to the development of entrepreneurial business, including startups in the country, and has created a favorable ecosystem for them. This includes activities in technoparks, necessary financial support, tax and customs privileges. The Deputy Minister added that today the State Fund for Development of Information Technologies under the ministry provides financial support to small and medium-sized businesses for the development of innovative entrepreneurial activities.

Acting Executive Director of the State Fund for Development of Information Technologies Azer Bayramov said that the period of the Fourth Industrial Revolution requires the development of innovative entrepreneurship. Today’s event is dedicated to the work done on the development of innovative entrepreneurship in the country, in particular, amendments made in the Tax Code. According to him, startups and ICT companies in the country are business entities that can contribute to the innovative development of the non-oil sector. These changes will help promote entrepreneurship activities and ICT development.

Deputy Chairman of the Board of the Agency for Development of Small and Medium-Sized Enterprises of the Republic of Azerbaijan Elchin Ibrahimov said that the purpose of the agency is to participate in the regulation of micro, small and medium-sized businesses, expand entrepreneurs’ access to financial resources and improve their institutional support mechanisms, as well as coordinate the activities of public and private entities in this area.

Chief of Staff of the Ministry of Taxes Nazim Samadov gave detailed information on the advantages of the changes made in the Tax Code for micro and small entrepreneurs, including the startups.

At the event, ICT companies and startups were provided with detailed information on the amendments made in the Tax Code and discussions were held on new tax incentives for micro and small business enterprises and other issues of interest to entrepreneurs operating in the ICT sector.

During the event, the Decree of the President of the Republic of Azerbaijan dated December 20, 2018 on the application of Law No.1356-VQD of the Republic of Azerbaijan dated November 30, 2018 "On Making Amendments in the Tax Code of the Republic of Azerbaijan" was analyzed in detail. There was an extensive exchange of views on tax advantages for startups and the mechanisms for their application.