The members of Riigikogu passed on December 19, a series of tax changes pushed for by the new Estonian government that set forth increasing excise tax for fuel, light alcohol and raising considerably level of income exempt from income tax. The proposals adopted by 55 votes for and 37 against cancel the 0.5% cut in…
The Azerbaijani parliament adopted a set of amendments to the country’s tax legislation, which will come into effect on January 1, 2017. The amendments include the taxation of operations with offshore companies, limiting cash payments made by big entrepreneurs, operating in trade and public catering, to 30,000 manats per month, the taxation of legal entities…
Azerbaijan’s economic model covering the last 10 years has proved to be valuable, Shahmar Movsumov, executive director of the State Oil Fund of Azerbaijan (SOFAZ), reported. “Over the last decade, this economic model has turned Azerbaijan into a completely new country and helped create modern infrastructure. However, in the new economic environment this model ceased…
Azerbaijan has limited cash transactions by large entrepreneurs operating in trade and public catering to 30,000 manats per month, starting from 2017, according to the amendments to the Tax Code approved at a plenary session of the Parliament. In accordance with the amendments, the limit affects the entrepreneurs operating in trade and public catering with…
Some 183 countries became Azerbaijan’s foreign trade partners in January-November compared to 162 countries in the same period of 2015, the country’s State Customs Committee said in a report. According to the report, 13,244 legal entities and individuals (of them 5,226 legal entities and 8,018 individuals) were involved in the country’s foreign economic activities. Azerbaijan’s…
The government of Azerbaijan plans to increase the share of the insurance market in the country’s non-oil GDP to 1.4% until 2020, the Strategic Road Map for Development of Financial Services in Azerbaijan said. Azerbaijan’s Financial Markets Supervision Chamber, which regulates the insurance market, said that the share of the insurance market in GDP was…
Last week Latvia’s Saeima conceptually supported legal drafts that provided for raising micro-enterprise tax rate from 9% to 15% and refusal of introduction of minimal social fees starting from 2017. This means the end for the story that riled up the population at the end of the year. Or perhaps it’s just the beginning. In…