Main Department for Combating Corruption under the Prosecutor General of Azerbaijan has completed the investigation of the criminal case against Mugayis Verdiyev who did not pay 59,000 manat to individuals, from whom he bought building materials for the needs of the construction company Fagan Khidmet in the Goranboy region.
He is also charged with misappropriation 21,138 manat intended to pay 27 builders. Furthermore, the accused evaded the payment of taxes as an individual in the amount of 7,298 manats. Verdiyev is prosecuted under Art. 178.3.2 (fraud) and 179.3.2 and 213.1 (tax evasion) of the Criminal Code, and his arrest is recognized fair measure of restraint.
Materials of the case have been transferred to the Ganja Court on Grave Crimes. -17D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review