Income Benefits Allow Citizens with Average Incomes to Save 120 Million Manat per Year
From January 1, according to the amendments to the Tax Code, the income tax will be exempted of the income of citizens in single living wage, if the monthly income of an individual in the main workplace is up to 2.5 thousand manats (currently while 250 manats).
This, according to the calculations of the Ministry of Taxes will allow the working inhabitants of the country to save at least 120 million manats per year. According to the tax officers, income tax incentives will cover over 500 thousand people, which will allow them to increase their monthly income by an average of 3-9%. --17D-
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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