Government Is Preparing Surprises for Entrepreneurs
Projected revenue figures for the different types of tax give reason to experts for the reasoning of the government's plan to revise their rates and collection methods.
The government recently announced a draft state budget for 2016. According to this document, the scope of duties of the simplified business tax will increase from 145 million - the projected figure for this year - to 170 million manats (+ 17.2%). In 2014 the Ministry of Taxes collected from employers 153.4 million manats that is 28.3% more than in 2013.
The government is preparing to collect from the owners 7.6% more property tax than in 2015. In 2014 the amount of property tax collected amounted to 141 million manats, but this year this figure will increase by 7 million manat, and in 2016 – by 11.2 million manats.
Road tax in 2016 will amount to 70 million AZN - 20 million AZN or 40% more than in 2015. The economist Samir Aliyev believes the government may revise its rate.
In 2016 for the first time over the past decade the amount of income tax from individuals will be reduced. This year, individuals will ensure the transfer to the state budget of 982 million AZN - 1.8 million manats more than in 2014, the government presumes. And for 2016 the forecast for this tax is 957 million manats (-25 million AZN). According to Samir Aliyev, this means that the government does not rule out job cuts. ---08B
Economics
-
The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
-
Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
-
Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
-
The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
Leave a review