. In Azerbaijan, three months after the start of the Tax Free system, 3,262 foreign tourists benefited from it, said the head of the Directorate for Tax Policy and Strategic Research of the Ministry of Taxes Samira Musayeva.
At the presentation of the Tax Free electronic system in Azerbaijan Musayeva noted that tourists were reimbursed VAT in the total amount of 487,400 AZN.
According to her, most of all the system Tax Free was enjoyed by tourists from the Middle East. "1,754 people refunded the VAT of 245,800 AZN were tourists from the Middle East, 930 tourists from Europe were returned 161,200 AZN, and 503 tourists from Asian countries were returned 70,000 AZN. AZN 10,400 was returned to tourists from other countries.
Note that the original system was introduced at international airports of the country. The Taxes Ministry announced that in the future it is planned to use at all the border checkpoints. ----71B
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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