Tax incentives in Karabakh fueling growth of private sector, official says

Mammad Musayev, Head of the Confederation of Entrepreneurs of Azerbaijan, highlighted the positive impact of economic development initiatives in Karabakh on the growth of private investments.

Addressing the forum “Tax service - 25: Sustainable development and effective transformation” in Baku, Musayev emphasized the importance of tax incentives and special economic zones in the region, which are designed to attract private capital, Caliber.Az reports via local media.

Musayev specifically pointed out the significant role that tax exemptions in the agricultural sector — considered a strategic industry — play in stimulating business activity and the growth of the private sector in Karabakh. He noted that these policies directly contribute to an increase in the number of businesses operating in the region.

"Today, the private sector accounts for more than 80 per cent of the national economy. It is the private sector that plays a key role in diversifying Azerbaijan’s economy, driving the growth of the non-oil sector, and boosting employment opportunities," Musayev stated.

The promotion of investment and the fostering of a business-friendly environment in Karabakh is a vital step in the region's recovery and development.

The “Tax service – 25: Sustainable development and effective transformation” forum kicked off in Baku.

The event brought together ministers, committee chairs, the ombudsman, representatives of state agencies, and international audit companies.

President of Azerbaijan Ilham Aliyev sent a message to the event participants.

The event marks the 25th anniversary of Azerbaijan's modern tax service, reflecting on its evolution and future goals. Discussions at the forum focused on enhancing tax efficiency, fostering economic growth, and aligning Azerbaijan’s tax policies with global best practices.

By Vafa Guliyeva