Coronavirus News Europe

Ministry discloses mechanism for Azerbaijani entrepreneurs to get financial support

BAKU, Azerbaijan, Apr. 17

By Eldar Janashvili – Trend:

So far, about 15,500 legal entities and more than 21,000 individual entrepreneurs have applied for receiving financial support in Azerbaijan, Trend reports on April 17 referring to the Azerbaijani Ministry of Economy.

The Azerbaijani government is implementing a set of measures to render financial support to individual entrepreneurs affected as a result of coronavirus pandemic (COVID-19).

Presently, thousands of individual entrepreneurs and taxpayers are applying daily for the use of both programs.

Financial support for taxpayers is rendered by the Internet Tax Administration through existing electronic cabinets, based on the appeals submitted. The main condition of the mechanism for obtaining financial support is that to take advantage of this program, taxpayers must apply online through their personal profiles.

After considering the applications, a certain part of the salary and the corresponding social insurance contributions, which must be paid to the applicants’ employees as soon as possible, is transferred to the bank accounts of the entrepreneurs.

A certain part of the salaries of employees will be paid gradually during two months by dividing the amount into two equal parts. If some employees working at the enterprise receive a salary higher than the average monthly salary, then the state support for them is calculated as part of the average monthly salary.

In accordance with the state support program, the funds which are paid to the entrepreneurs must be used only for the intended purpose, that is, to pay the salaries to the employees.

One of the main conditions of the support program, especially related to individual (micro) entrepreneurs, during the process of rendering financial support is the availability and activation of the bank account of legal entities and entrepreneurs.

The bank account of an entrepreneur wishing to receive financial support must be active as the funds allocated from the state budget are transferred exclusively to the bank accounts of entrepreneurs.

Taxpayers who do not have a bank account must send an application for a certificate about opening a duplicate account. An account is opened in a bank selected by the entrepreneur as soon as possible after the acceptance of the application. Afterwards, an entrepreneur may send a request for getting financial support.

In some cases, an entrepreneur who does not have a bank account has a tax and social insurance debt at the moment of making an appeal. In ordinary cases, until the entrepreneur repays the debt, he/she is not entitled to open a bank account.

But given the existing conditions, certain concessions were made. So, in such cases, an entrepreneur must submit an application in free form to remove the restriction. If the application is approved, the entrepreneur may apply for opening a bank account after removing the restriction on obtaining a duplicate certificate.

Follow the author on Twitter: @eldarjanashvili

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