In the first quarter of 2013, the Ministry of Taxes completed field tax audits of taxpayers in 2179, 99.5% of which were identified violations of tax laws.
According to the Ministry of Taxes, the proportion of planned field tax audits amounted to 93.6% (2040) which was 23% (381 subjects) more than in the comparable period of 2012. The number of early exit checks decreased from 1,351 to 139.
Checked was implementation of tax laws, not only by law (1350 subjects), but also individuals (829). Tax inspectors withheld hidden tax of 47.5 mln AZN. Furthermore, they counted 69.6 million manat of additional amount of tax. Compared to the same period in 2012, total accruals for tax profits rose by 40.1%, VAT - by 12.1%, and other types of taxes - 2.4 times. There are some positive trends. For example, the amount of additional charges for the simplified tax decreased by 39.1%, and the tax levied at source - 23.1%. - 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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