During January-August 2012 through the Ministry of Taxes the state budget of Azerbaijan received 4,180 million manat. This is 13.6% more than the projected figure.
The press service of the Ministry of Taxes told Turan that the share of non-oil sector accounts for 2,191.8 million or 52.8% of tax revenues.
The level of tax collection in the region is still low. Through local tax offices were collected 302.1 million manat, which is 10.6% more than the forecast. The revenues in the regions are 11.2% more than the same period of 2012.
Proceeds from different types of taxes are as follows:
VAT - 952.8 million manat (forecast - 942 mln);
Excise tax - 313.3 million manat (AZN 296 million);
Profit tax - 1,658.5 million manat (AZN 1,473.7 million);
Income tax - 520.1 million manat (477.4 million manat).
The state budget for 2012 is projected to collect 5,911.6 million manat through the Ministry of Taxes. In 2011, the Ministry of Taxes provided in the state budget 5 billion 471.9 million manat, with total revenues of the state treasury at 15.7 billion manat. - 08D-
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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