In Azerbaijan at the legislative level, the Government plans to introduce the sale of excisable alcohol and cigarettes solely on credit cards. The violators of the innovation can be punished with fines and imprisonment.
The bill on amendments to the Code of Administrative and Criminal Offenses is already in the Parliament and its adoption can take place before the end of the year.
The initiative was first announced in Parliament in 2013. Then the innovation would be applied to restrict access of minors to alcohol and cigarettes. Today the objectives of the initiative are expanded. The Azerbaijan population spends more than 50% of its income on food, as well as alcohol and tobacco. Alcohol and tobacco are the most profitable business, but to a large extent this business is in shadows. The sale of these goods through POS terminals will allow the state to take control and legalize the sale, and thus significantly increase the revenues from excise taxes and profit of trade outlets. -0-
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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