Baku:Azerbaijan is set to establish a framework for confirming technological and industrial failures, as part of an amendment to the Tax Code. This development follows a decree signed by President Ilham Aliyev.
According to Azeri-Press news agency, the decree mandates that the Cabinet of Ministers, in coordination with the President of the Republic of Azerbaijan, devise the necessary procedures and rules within three months. This task will involve collaboration with the Ministry of Digital Development and Transport, the Ministry of Economy, the Ministry of Finance, and the State Agency for Antimonopoly and Consumer Market Control.
The scope of this initiative includes determining the areas of operating expenses incurred through non-cash payments for scientific research, design and exploration, and experimental design work. These efforts are aimed at fostering the development of innovative products, explicitly excluding the acquisition of fixed and intangible assets.