In January of this year, according to the State Customs Committee (SCC), the transfer to the state budget of 103 million 745.7 thousand manat was provided. This is 6.6% more than in the same month last year. However, with this rate it is unlikely to be able to collect the target established for the customs this year - 1 billion 590 million manat.
According to the State Customs Committee, in January 31.9 million manat or 30.8% of customs revenue accounted for import duties. A year earlier, the share of customs duties in the fee structure of the SCC was 19.5%. VAT was collected in the amount of 66.3 million manat, which is 8.1 million manat less than in January 2014.
From 1 March, new excise rates on certain types of goods (cars, jewelry, alcohol and cigarettes) come into force in Azerbaijan.
Independent analysts say that the resources to ensure the collection of customs duties and taxes make it possible to exceed the annual forecast. Referring to the "mirror statistics" of many of the leading trade partners of Azerbaijan, it is said that every year about 25% of imports of Azerbaijan are not reflected in customs statistical reports. ----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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