Turkey arrested One of the partners of the project Khazar Islands is arrested in Turkey
As part of an anti- corruption operation, the Turkish police arrested about 60 people, among them one of the largest construction magnates Ali Agaoglu. This billionaire is a partner of famous in Azerbaijan building businessman Ibrahim Ibrahimli, better known as Haji Ibrahim Nehramli.
In 2012 Agaoglu came to Baku to discuss the implementation of this ambitious project, estimated at a billion dollars. According to Turkish media , Agaoglu invested in this project on the Caspian coast 125 million.
The Khazar Islands is located in 25 km to the south of Baku. They are artificial island on the beach with fashionable buildings, an analogue of an ambitious project of Dubai "Palma". -02В-
Economics
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In the period from January to November 2024, Azerbaijan's exports not related to oil and gas increased by 1.9% compared to the same period in 2023, reaching a total value of $3.1 billion. This growth, noted in the latest "Export Survey" published by the Center for Analysis and Communication of Economic Reforms, reflects the country's diverse and expanding export portfolio.
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In a significant step towards fostering cashless transactions, Azerbaijan has extended its innovative "Return VAT" program to include real estate purchases. Between January and November 2024, citizens recovered 160.3 million manat through the program, marking a notable milestone in the government’s efforts to promote digital payments and enhance consumer benefits.
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Entrepreneurs operating in markets across Azerbaijan will be required to register for taxation. Failure to do so will result in a financial penalty of 2,000 manat for each unregistered entrepreneur, imposed on market owners or administrators. This requirement is included in proposed amendments to the Tax Code, set to be discussed in Parliament.
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Azerbaijan’s government is open to the possibility of raising external borrowing volumes within the country’s $10 billion debt ceiling by 2030, according to an informed source in the government, speaking to Turan.
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