In the five months of this year the Ministry of Taxes completed 2,509 field tax audits. This is 46.9% (2,219) less than in the comparable period of 2015.
According to the Head of Tax Audit and Operative Tax Control Department of the Ministry of Taxes Togrul Guliyev, whereas before deciding on a two-year moratorium on all checks in businesses (except for tax audits), 4,704 field tax audits were launched in October 2015, then in the first five months of this year, 2,034 such decisions were made.
The rate of tax and operational activities has also reduced. During January-May 2015 more than 36 thousand operational tax audits were carried out and about 38.2 thousand acts were compiled. For the same period this year, operational checks were carried out in objects of 4,242 taxpayers. The accrued fines and financial penalties decreased accordingly.
The total amount of these penalties is estimated at 387.3 thousand manats, while the losses of taxpayers on the results of operational checks last year were about 11 million manats. ---08D
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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