Equipment, materials and other goods for production of local cement plant during entrance to Azerbaijan will be exempt from value added tax.
Decision of the Cabinet of Ministers signed yesterday is related to imported products, which contributes to quality construction of the enterprise, which will make backfill cement for wells and clinker (interim products during cement production).
The decision will enter into force on August 19 and it will be effective till January 1, 2014. By another decision the Cabinet of Ministers exempt equipment, materials and other products for production of local cement plant during entrance to Azerbaijan from customs duties.
Construction of Gyzyldash Cement plant started in Azerbaijan in March 2012. The contract for construction of the enterprise, which will be able to make 5,000 tons of clinker a day and 2 million tons of cement a year, was signed a year ago between Azerbaijan Norm LLC company and the consortium comprised of China Triumph International Engineering Co. Ltd (CITEC) and Japanese Mitsubishi Corporation.
The construction cement will be up to the American Petroleum Institute (API) standard.-0-
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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