In January 2015 the Ministry of Taxes provided transfer to the state budget of 685.9 million manat. This is 94 million 452.8 thousand manat less than a year earlier. Reduction in the prices for the main export product (crude oil) impacted the tax revenues.
However, as stated in the report of the Analysis Department of the Ministry of Taxes, in January the forecast of tax revenues was exceeded by 3.3%.
The share of profit tax revenues was 44.6% (in January 2014 - 48.9%), VAT - 24.7% (21.2%), excise tax - 7.8% (9.1%), and income tax on individuals - 9.5% (8.2%),
The non-oil-gas sector provided 50.2% (340.7 million manat) of tax revenue, while in January 2014 its share was 42.4%.
It should be noted that this year the Ministry of Taxes plans to ensure the state treasury taxes and state fees approved at the level of 7 billion 112 million manat, which is 10 million manat more than in 2014. --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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