After simplification of tax procedures and the transition to a single window business registration Azerbaijan occupies a niche middling.
In a review of Paying Taxes 2014 (http://www.pwc.com/gx/en/paying-taxes/assets/pwc-paying-taxes-2014.pdf), prepared by the World Bank and the international auditing company PwC, place the country among the 77 189 countries around the world.
Average taxes in the country accounted for 40 % of earnings of entrepreneurs (including individuals) on their pay out 214 hours a year (up to 2011 was more than 500 hours), with 18 mandatory payments. For comparison - in the world of the average tax burden of 43.1 % at 268 hours for payments and a much larger number of payments ( 26.7 ) .
The share of the burden of income tax (profit tax) in Azerbaijan is 12.9 % versus 16.1 % in the world for income tax (labor tax) - 24.8% versus 16.3 % in the world, for other taxes - 2.3% vs. 10.6 % of the world. - 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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