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
-
BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
-
SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
-
The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
-
Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
Leave a review