In August of this year, Customs Service of Azerbaijan generated revenue to the state budget in the form of taxes and fees totaling 123 790 500 manats. This is 366,000 manat or 0.3 % less than in July. Since the beginning of the year by the State Customs Committee ( SCC) transferred to the state budget of 887.8 million manat, which is 14.8 % ( 114.7 million manat) higher than in the first eight months of 2012 .
According to the SCC, the bulk of revenues (71.3 %) accounted for the value added tax (633.3 million manat). Compared to the same period in 2012, on this type of customs duties the taxes rose by about 22%. But the Customs fees amounted to 189.5 million manat, which is 6.5 million or 3.3 % less than in January- August last year.
This year, the forecast taxes to the state budget through the SCC increased from 1.2 billion to 1 billion 380 million manats. - 08D-
Economics
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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