The law ‘On regulation of tax debts existing as of 1 January 2017’ was adopted at the plenary session of the Milli Majlis (Parliament) on December 30.
The law assumes the full write-off of interest charged for late payment of tax as of 1 January 2017, as well as the gradual write-off of financial sanctions.
According to the law, if a taxpayer repays 30% of the debt on financial sanctions in January 2017, the tax authority withdraws the remaining 70% of the debt. If the taxpayer pays 50% of the sanctions in January-February 2017, the tax authority withdraws the remaining 50%. If the taxpayer pays 70% of the financial penalties in January-March 2017, the tax authority withdraws the remaining 30%.
According to the Ministry of Taxes, as a result of the adoption of this law it is expected to write off a tax debt amounting to about AZN 624 million.
The law will touch 44,704 taxpayers, of which 1,037 represent the public sector, and 43,667 represent the private sector. -06D--
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review