The Ministry of Taxes together with the Ministry of Justice for the first time resorted to harsh administrative measures against taxpayers out of time to pay taxes to the state budget.
The Taxes Ministry believes that such a move is also indicative for all tax evaders in a timely manner.
The report of the Analytical Information Department of the Ministry of Taxes states that on the decision of Binagadi District Court of Baku two people were arrested administratively on October 9 for a period of 3 to 5 days. The amount of their tax debts has not been reported. It indicates only that the men taken into custody, Gabil Agayev and Rovshan Askerov, were repeatedly warned about the consequences of non-payment of the resulting tax debts.
According to the Code of Administrative Offences, failure to comply with the legitimate demands of bailiffs on the execution of verdicts of judicial and other authorities is punishable by administrative arrest for up to 1 month.
Recall that recently the local bodies of the Ministry of Taxes for forced collection of taxes have been subordinated to the Tax Crimes Preliminary Investigation Department. Untimely fulfillment of tax obligations or tax evasion within the statutory period can be considered as a tax offense.
This year, due to the stagnation of the economy the tax office of the country is experiencing some difficulties with the execution of the forecast tax collection. Since the beginning of the year the arrears of taxes have exceeded 200 million AZN. --08B-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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