The winnings in lotteries registered at the Financial Markets Supervision House and winning public loans will be brought to tax.
According to the comments of the Ministry of Taxes published in the media, these rules are specified in the amendments to the Tax Code, which entered into force in 2017.
From now on, winners in lotteries, other competitions and contests will have to pay 10% of the winning amount.
If the winning bidder is a legal entity or a private entrepreneur, he will have to pay the tax himself, and if the winning is a non-resident, the tax will be deducted by the bank or the post office, where the payments will be carried out.
This tax must be paid not later than the 20th day of the next reporting month after the gain. -----71D
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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