Since the New Year changes in the Tax Code have taken effect, according to which tax payments in certain banking operations are determined.
According to the new rules for transferring money into the ‘electronic purse’ of non-residents by residents of the Republic of Azerbaijan, the bank conducting the operation will hold a levy of 10% of the amount of the transfer.
In addition, one percent tax will be charged for cashing money by legal entities and private entrepreneurs from their bank accounts.
The bank will also deduct VAT (18%) at the expense of the user of work or service through the electronic trading system, as well as for participation in electronic lotteries and other contests and competitions held outside Azerbaijan. In the case of a win, further 10% of this amount will be deducted. This rule does not apply to legal entities and private entrepreneurs who are in the tax records.
A bank expert explained to Turan that these changes do not apply to purchases of goods online. Meanwhile, the rules are related to the provision of various services in electronic form. For example, online purchase of a train ticket is also considered a service and is subject to tax levied. At the same time online payment for hotels and purchase of plane tickets has been excluded from this list. -71D-
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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