Over the two months of this year, the Ministry of Taxes provided for the transfer of 939 million 138.2 million manat to the state budget, or 5.2% more than the forecast figure, the press service of the ministry reports.
Compared to the comparable period of 2016, tax revenues decreased by 162.3 million manat or 15%.
In 2017, the forecast for the collection of taxes and state taxes through the Ministry of Taxes is 7 billion 510 million manat, which is 7.1% more than the performance for 2016.
The state budget revenues are forecasted at the level of 16 billion 255 million manat.
The Ministry of Taxes reports with reference to the Index of Economic Freedom that the Heritage Foundation reports that Azerbaijan occupies one of the lowest places (28th place) in the world in terms of the tax burden on entrepreneurship - 14.2% (excluding social insurance payments). However, in independent research conducted, entrepreneurs claim illegal fees collected by the tax service.
The Ministry of Taxes notes that in January-February 2017 68,172 taxpayers were registered, of which 492 are VAT payers. ----08B
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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