From the beginning, off-budget revenues of the Ministry of Taxes of Azerbaijan totaled 38.9 million manat, which is 17.6 million manat or 80% more than in the first three quarters of 2015, the Ministry said.
This year, cash payments to employees and freelancers of the Taxes Ministry amounted to 35.5 million manat. This is six times more than in the comparable period of 2015. Remaining in the possession of the Ministry, 3.3 million manat was directed to different purchases, payment for services and repairs.
Note that the extra-budgetary fund of the Ministry of Taxes is formed by 50% of the funds from the financial sanctions imposed on the violators of tax laws. Last year, the Ministry of Taxes employees got 25% of the financial sanctions. After the increase in the ratio the legal income of tax employees increased significantly. ----08B
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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