The Bureau of Compulsory Insurance (CIB) in November gathered in the framework of compulsory insurance of civil liability of vehicle owners (CTP) 6.1 million manats (minus 0.1% to November 2014). According to the information, this amount is the result of conclusion of 73,885 contracts (minus 5.5%).
Overall, from January to December, it collected 71 million manats (9%) for 899,857 contracts concluded (+5%),
Selling insurance policies on CTP began on December 16, 2011 after the establishment of the new tariffs. The basic rate (for vehicles with an engine capacity of 1500 cub. cm) is 50 AZN. The following are the coefficients (1.5 to 5) with an increase in engine size. The maximum rate is valid for vehicles with an engine capacity of more than 5 thousand cub. cm., for which the owner pays 250 manat per year.
Owners of buses and minibuses with the number of seats from 9 to 16 pay 150, and with more than 16 seats - 200 manat.
Motorcyclists, tractor owners and other agricultural machinery pay 50 manat. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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