From now on, Azerbaijani banks will legally transmit to foreign countries information on depositors - the citizens of these countries. The innovation came into force corresponding Presidential Decree approving the amendments to the Tax Code.
Thus, tax reporting local banking system has become "part of the" American system of FATCA (Foreign Account Tax Compliance Act). On updating national regulations to the amendments set aside three months and departmental standards - five months.
Now, local banks, non-bank lending agencies and other structures that have a license to conduct financial transactions can transmit the competent authorities of states with which Azerbaijan has international agreements, information about financial transactions of individuals and entities from these countries within the framework and under the rules established by the Azerbaijani executive authorities.
Amendments to the laws on insurance and banks allow Azerbaijani insurers transmit such statements either directly or through an authorized executive authority. - 17D-
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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