In the past 10 years, GDP volume rose 3.4 times, share of GDP in non-oil sector grew by 2.7 times.
Deputy Minister of Economic Development Sevinj Hasanova says average annual growth on non-oil sector was more than 10% within 10 years. She noted that growth of country’s economy in the coming years will be ensured mainly at the cost of non-oil sector.
Hasanova added that main role in development of non-oil sector is played by tax policy. Moreover, application of facilitated tax, optimization of tax rates and other measures caused the increase of investments in non-oil sector. Changing of tax rates in declining direction is a positive signal for investors.
Deputy Minister noted that last amendments to the Taxes Code create favorable conditions for economic development and diversification of economy: ‘We have positive expectations in connection with application of long-term tax holidays to the companies operating in technological parks’.
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