President Ilham Aliyev signed a decree that approved the procedure for granting permits for the import of machinery, manufacturing equipment and facilities by legal entities and individual entrepreneurs who obtained the document on Investment Promotion.
The same decree approved the form (http://azertag.az/store/files/qayda.pdf) of confirmatory document.
Supporting documents provide the investor the right to use the facilities provided by the Tax Code and the law On Customs Tariff. This is an exemption from many taxes and customs duties.
To obtain the permit an investor goes to the Ministry of Economy. The application is accompanied by a list of imported machinery, equipment and structures, and their value in US dollars. The document is available for 7 days. In considering the application the Ministry of Economy examines its compliance with the investment project. The Ministry of Economy informs the Ministry of Taxes and the State Customs Committee on granting the permit within 3 working days. -----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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