New criteria for business classification approved

The Cabinet of Ministers approved new criteria for the classification of entrepreneurial subjects in Azerbaijan.

Based on the number of employees and turnover, the new criteria classify businesses in four categories being as micro, small, medium and large.

A mirco enterprise employs fewer than 10 people and has an annual turnover below 200 thousand manats, whereas a small enterprise is defined as a unit with 11-50 employees and an annual turnover between 200 thousand manats and 3 million manats.
   
A medium enterprise is defined as a unit with employment size between 51-250 employees and an annual turnover ranging from 3 million manats to 30 million manats, while a large enterprise is defined as a unit employing more than 251 workers and having an annual turnover of more than 30 million manats.

Dated 21 December 2018, the decision aims at encouraging ease of doing business and aligning the classification norms to the new tax regime.

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