It is necessary to improve the system of taxation on the sale of the collateral, the head of the Board of Directors of the Financial Markets Supervision House Rufat Aslanli said.
He drew attention to the problem of taxation on the sale of collateral put by businessmen.
“A bankrupt businessman sells his mortgaged property. Upon the sale of the collateral the amount received will be charged tax and other expenses. As a result, the amount received from the sale of the collateral is not enough even to pay off the debt. A bankrupt businessman among other issues also has the problem of a debt owed to the bank,” Aslanli said.
The head of the FMSH Board of Directors said that to address this issue they are looking for a way out. According to him, there are several suggestions that will be discussed with the government. -71D-
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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