
Veterans of the first and second group, people with disabilities, internally displaced people and refugees began to enjoy preferential tax treatment. Fans as gambling, ex-presidents of Azerbaijan and their families is generally exempt from income tax.
According to the Chief of the Tax Policy and Strategic Studies of the Ministry of Taxes Akif Musayev (an interview with "Azerbaijan"), the citizens of these categories will save AZN 47 mln from changes to the income tax.
The essence of innovation is that from the beginning, the maximum income tax rate in Azerbaijan reduced from 30% to 25%. Amount of income taxable at 14%, increased from 2 to 2500 manats.
Amount of income for individuals (not businesses) taxed at a rate of 14% has increased from 24 000 to 30 000 manats. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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