The Ministry of Taxes of Azerbaijan considers the current tax rate of 14% on the income of natural persons from real estate rental effective.
"Yesterday several media spread information that does not correspond to reality, saying that the ministry appealed to the government with a proposal to increase this rate to 22%. According to article 124 of the Tax Code, the tax rate on the income of natural persons from the rental of real estate is 14%, and changes in this regard are not expected. We did not address a proposal on changing it, because we do not see any reason for it," said the report (http://www.taxes.gov.az/modul.php?name=metbuat&bolme=pressreliz&pid=1254&lang). --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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