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Financial Support to Entrepreneurs Affected by the Coronavirus

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Financial Support to Entrepreneurs Affected by the Coronavirus April 2020 An up-to-the-minute guide to developments in the legislation of the Republic of Azerbaijan In this issue, we would like to bring to your attention a brief overview Financial support to of the following: ► Financial support to entrepreneurs affected by the entrepreneurs affected by the coronavirus coronavirus (COVID-19) (COVID-19) pandemic pandemic ► Changes in the sequence of implementation of On 4 April 2020, the Cabinet of the Ministers of Azerbaijan approved an compulsory health Action Plan that serves to provide the state support to entrepreneurs and insurance businesses affected by the outbreak of coronavirus. The Action Plan pursues the following 3 areas: • Economic growth and support for entrepreneurship • Support for employment and social welfare • Macroeconomic and financial stability The Action Plan specifies financial aid allocated for the implementation of measures; defines those responsible for the implementation and the timeframes. These measures, inter alia, envisage the following: • To partially compensate for the salaries of the employees working in areas affected by the pandemic • To provide tax incentives to protect economic activity • To provide credit guarantees support • Freeze on rent fees until the end of 2020 for entrepreneurs leasing state property, state land and the so-called residents of industrial zones (parks). Additional regulations are expected to be adopted to facilitate the implementation of measures stipulated by the Action Plan. It’s also noted that in the post-pandemic period the following areas of economic activity are identified as key priorities: • Construction sector; • Mining industry; • Petrochemical industry; • Digital economy; Legislative alert | April 2020 • Transport, trade and logistics; • Telecommunications; • Agriculture and manifacturing industry; • Domestic tourism. Changes in the sequence of implementation of compulsory health insurance Please be kindly informed that the Cabinet of the Ministers approved the new "Sequence of implementation of compulsory health insurance in the administrative territorial units of the country" by the Decree dated 10 April 2020 ("Decree"). According to the Decree, the sequence of implementation of compulsory health insurance in the administrative territorial units will be as follows: • In the cities and regions of the Nakhchivan Autonomous Republic, in Mingachevir, Gusar, Khachmaz, Guba, Shabran, Siyazan, Khizi, Gobustan, Ismayilli, Agsu, Shamakhi, Balakan, Zagatala, Gakh, Sheki, Oguz, Gabala, Goychay, Ujar, Zardab, Kurdamir, Yevlakh and Agdash - from January 2020; • In Ganja, Naftalan and Shirvan, Gazakh, Agstafa, Tovuz, Shamkir, Gadabay, Dashkasan, Samukh, Goygol, Goranboy, Khojaly, Beylagan, Khojavend, Agjabadi, Lachin, Barda, Fuzuli, Agdam, Tartar, Kalbajar, Astara, Lankaran, Lerik, Yardimli, Masalli, Jalilabad, Neftchala, Bilasuvar, Jabrayil, Salyan, Imishli, Saatli, Sabirabad and Hajigabul - from January 2021; • In Baku, Sumgayit, Khankendi, Absheron, Gubadli, Zangilan and Shusha - from April 2021. It should be noted that previously, the last stage of compulsory health insurance (Baku, Sumgayit, etc.) was planned to be completed in October- December 2020. Legislative alert | April 2020 Contacts We hope that you will find this overview helpful. For more detailed information, EY Assurance | Tax | Transactions | Advisory please contact the following specialists: About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights Arzu Hajiyeva and quality services we deliver help build trust Partner, Tax & Law and confidence in the capital markets and in economies the world over. We develop Tel: +994 (12) 490 7020 outstanding leaders who team to deliver on our Email: [email protected] promises to all of our stakeholders. In so doing, we play a critical role in building a better Zaur Gurbanov working world for our people, for our clients and Director, Tax & Law for our communities. EY works together with companies across the Tel: +994 (12) 490 7020 CIS and assists them in realizing their business Email: [email protected] goals. 5,500 professionals work at 19 CIS offices (in Moscow, St. Petersburg, Novosibirsk, Ulvi Yusifov Kazan, Togliatti, Vladivostok, Yuzhno- Senior Manager, Tax & Law Sakhalinsk, Almaty, Astana, Bishkek, Baku, Kyiv, Tashkent, Tbilisi, Minsk and other Tel: +994 (12) 490 7020 locations). Email: [email protected] EY refers to the global organization, and may refer to one or more, of the member firms of Hidayat Azimov Ernst & Young Global Limited, each of which is a Head of Law, Tax & Law separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, Tel: +994 (12) 490 7020 does not provide services to clients. For more Email: [email protected] information about our organization, please visit ey.com. © 2020 Ernst & Young Holdings (CIS) B.V. All Rights Reserved. This publication has been carefully prepared, but it necessarily contains information in summary form and is therefore intended for general guidance only, Contacts and is not intended to be a substitute for detailed research or the exercise Almaty Minsk of professional judgment. EY can accept no responsibility for loss occasioned to +7 (727) 258 5960 +375 (17) 209 4535 any person acting or refraining from action as a result of any material in this Astana Moscow publication. On any specific matter, reference should be made to the appropriate +7 (7172) 58 0400 +7 (495) 755 9700 adviser. Baku St. Petersburg +994 (12) 490 7020 +7 (812) 703 7800 Kazan Tashkent +7 (843) 567 3333 +998 (71) 140 6482 Kyiv Tbilisi +380 (44) 490 3000 +995 (32) 43 9375 .
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