In 2016 sports betting members in Azerbaijan will be subject to income tax at a rate of 10% of the winning amount, in accordance with the amendments to the Tax Code, which was discussed today at a meeting of the parliamentary committee on economic policy.
Minister of Taxes Fazil Mammadov said that the annual turnover of sports gambling in the country is around 300 million manat. Since January 2013 winnings of individuals from gambling are not taxable. This benefit contributed to the development of gambling. "Now, in view of the economic situation considered appropriate to introduce a 10% tax," said the Minister. It is projected that revenue from taxation of winnings in the sweepstakes, make 25 million manat. In addition, it is envisaged to increase the rate of the simplified tax in the field of trade and catering. Now the rate in Baku is 4% ,and in the regions - 2%.
Under the proposed innovation, trade tax will rise to 6% of revenues, and in catering - up to 8%. -06D-
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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