In Azerbaijan, there are 71,524 small businesses (+3.3% YTD), according to the certificate of business development in the first quarter.
According to the Ministry of Economy and Industry, small businesses account for 81% of local entities.
As of April 1, almost a third (32%) of small ventures are in trade, 12.3% - in agriculture, 12.5% - in construction and repair, and the rest of the employment is negligible.
Most (55.9%) of this segment of entrepreneurs is registered in the capital, and the rest is in the regions of the country.
Due to underdevelopment of a support mechanism for businesses the majority of small ventures do not work, while some of them are closed and re-registered. There is high proportion of tax evasion and concealment of the actual number of their jobs. -17D-
Economics
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Eel Electric LLC, a resident of the Agdam Industrial Park, has completed 85 percent of the construction of its power distribution equipment and power sockets plant, the Ministry of Economy announced on Monday.
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The State Tax Service (STS) of Azerbaijan has issued an urgent warning to citizens regarding a surge in fraudulent activities exploiting the name of the country's VAT refund project. According to the STS, cybercriminals have been creating counterfeit websites and online pages that closely mimic the official internet resources of the State Tax Service, luring unsuspecting citizens with promises of VAT refunds.
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On July 30, a meeting of the Working Group on "Inflation and Price Monitoring" was held under the chairmanship of the Head of the Cabinet of Ministers, Rufat Mammadov, to discuss price changes in Azerbaijan's consumer market and the government's anti-inflationary measures this year.
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Azerbaijan's foreign trade balance showed a positive surplus of $4 billion in the first half of 2024, according to data from the Central Bank of Azerbaijan (CBA) on the parameters of the interest rate corridor.
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