The Ministry of Taxes has included the name of the Director of Property Investments (subsidiary of JSC Industrial-Construction Investment Corporation Acccord) Fariz Ibrahimli in the list of persons whose travel outside the country is forbidden. The reason for that is the outstanding tax debt of a few thousand manat not repaid timely.
Ltd. Property Investments was established in 2015 for the purpose of management of non-residential premises within the nine apartment complexes built by the corporation in Baku. According to the company, their total area reaches 77 thousand square meters. These are underground garages, non-residential and residential buildings.
In September, the Ministry imposed a ban on leaving the country by one more representative of Accord, Director of Accord Beton Ugur Babayev. After that, the amount of the debt has declined from 448,000 to 158,000 manat.
Note that as of October 31, a ban on leaving the country acted against the head of 645 companies. -----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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