In the first quarter of this year the State Customs Committee collected 341 million 945 thousand manat in the form of official duties and taxes, which is 3.5% more than in the same period in 2014.
According to SCC, in March they transferred 132.4 million manat to the state budget, 1% less than in March last year. For the first time since July 2014 the customs approached to the mark of 47 million manat in terms of customs duties collected. In February, for this type of customs duties they collected about 15 million manat.
Note that this year it is projected to provide 1 billion 590 million manat to the state budget through SCC.
Independent local and international experts and organizations indicate a high level of corruption in the Azerbaijan customs. Business people argue that no product or item can be imported into the country without the consent of its informal monopoly. Part of the funds fills the pockets of high-ranking officials in SCC, which is partially divided down the pyramid in the form of informal "envelopes" with wage supplements. ----08B
Economics
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The EBITDA (earnings before interest, taxes, depreciation, and amortization) of the State Oil Company of Azerbaijan (SOCAR) has been declining in recent years, as reflected in reports by international rating agencies and the company’s own financial statements. SOCAR’s financial report for 2024 is expected in the summer of 2025, but preliminary data from Fitch Ratings indicates a further decline in the figure.
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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