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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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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