Today Milli Majlis passed a bill on amendments and additions to the Tax Code. In 2015 the government will introduce higher excise rates on a number of consumer products, an excise duty on gold, platinum and diamonds and their products.
The tax levied on imported platinum is formed per gram, that for gold and articles thereof – per sample, and that for diamonds – per karat. The exception is precious metals and stones imported for reserves of the Central Bank and the State Oil Fund of Azerbaijan.
Several times increase the excise taxes on alcoholic beverages. For example, the excise tax on a liter of beer increased from 8 to 20 gepiks, vodka - 50 gepiks to 2 manat.
Excise tax on cigars will be 10 manat per 1,000 pieces, and excise on the same number of cigarettes and their substitutes will be 4 manat.
Also increases the excise rates on imported vehicles. In fact, the more is expensive the vehicle, the greater is the volume of the engine and the higher is the excise duty. For example, in the import of a car with the engine capacity of up to 2,000 cubic meters, the excise duty will be 20 gepiks instead of 15. To import a car with the engine capacity of up to 3000 m3, payment of 400 manat (previously 300 manat) is required as well as 1.5 manat per cubic meter for engines above 2001 m3. Excise duty is introduced on cars with the engine above 5000 m3, for which the excise rate will be 13,900 manat plus 10 manat for each cubic meter of the engine above 5001 m3. 08D
Economics
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Azerbaijan’s consumer price index (CPI) for the period of January to August increased by 1.3% compared to the same period in 2023, marking a period of moderate inflation in the country. According to the State Statistics Committee, the overall CPI for the eight-month period reached 101.3%, with various sectors showing mixed inflationary pressures.
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Azerbaijan has witnessed a significant rise in the average nominal monthly wages of salaried workers, with an 8.3% increase recorded from January to July of this year compared to the same period in 2023. According to data released by the State Statistics Committee, the average nominal monthly salary reached 1,002.4 manats, as the country experiences both economic growth and sectoral shifts.
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The Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, recently hosted a high-level delegation led by Elisabetta Falcetti, the Executive Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD). The meeting, held in Baku, focused on key initiatives to bolster the sustainable development of Azerbaijan’s financial sector and expand access to financing for the country’s real economy. Among the most pressing topics was the EBRD's support for Azerbaijan’s ongoing green transition.
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Recently, the prices of certain food items have increased in Azerbaijan. This is also reflected in the data released today, September 11, by the State Statistics Committee (SSC). It was noted that in August, compared to July, there were price increases in rice, beef, lamb, sausage products, butter, olive oil, and onions.
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