The government is frantically looking for ways to fill the budget, which is melting before our eyes because of the sharp drop in oil revenues.
Yesterday the parliament received a package of amendments and additions to the Tax Code, which, according to its authors, is designed to increase tax collection.
Thus, the changes suggest that, in violation of the trade rules and the rules applying cash calculations, if it happened for the first time, the penalty should increase from 400 to 2,000 manats.
At repeated violation the fine will amount to 4,000 manats (it was AZN 800 before), and if it has happened three or more times – 6,000 manats (it was AZN 1,200).
Violation of the rules of cash payments means trade without cash registers or forms, use of cash registers without registration in tax bodies, non-issuance of checks, etc. -02D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review