In the first half of 2016, the taxes in the state budget from the non-oil sector amounted to 2 billion 494.4 million AZN. This is +9.4% in comparison with the same period last year. This statement was made by the Minister of Taxes Fazil Mammadov. According to him, in the first half of 2016 the Ministry of Taxes in total transferred to the state budget 3 billion 190.1 million AZN, 2% more than the plan.
As Turan notes, in January-June 2015 the Ministry of Taxes transferred to the budget 3 billion 346 million AZN. That is, for the first quarter of this year, remittances to the budget decreased by 4.7%.
It should be noted that during the period the oil sector transferred 694.7 million AZN to the state budget through the Ministry of Taxes. During this period, the share of tax revenues from the oil sector accounted for 21.8%. An interesting fact is that in January-June 2015 the oil sector transferred 1 billion 57 million AZN to the state budget through the Ministry of Taxes. It turns out that in the first half of this year, payments to the budget decreased by 34.4%.
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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