Azerbaijani President signs order on extra measures to speed up socio-economic development of Fizuli district
President of Azerbaijan Ilham Aliyev signed an order on extra measures to speed up socio-economic development of Fizuli district.
Under the presidential order, 2 million manat were allocated to the Fizuli executive authorities from the President's Reserve Fund for 2012, for acceleration of socio-economic development works in the district.
Ganja branch of National Academy of Sciences of Azerbaijan established
President of the Republic of Azerbaijan Ilham Aliyev signed a decree on the establishment of the Ganja branch of the National Academy of Sciences of Azerbaijan.
The Cabinet of Ministers along with the National Academy of Sciences of Azerbaijan are entrusted to ensure the establishment of the Institute for Humanities, the Institute of Regional Studies, Nizami Ganjavi Center, Institute of Bioresources, Botanical Garden, Institute of Environment and Natural Resources and the Institute of Agrarian Problems for inclusion to Ganja branch, and address other issues arising from this order.
Azerbaijani parliament adopts tax code amendments
During the plenary session on Friday, the Milli Majlis (parliament) adopted a draft law on amendments to the Tax Code that comes into effect on January 1, 2013.
According to the chairman of the parliamentary committee on economic policy Ziyad Samadzade, in general these changes are aimed at improving the tax system, reducing the tax burden and increasing the tax culture.
Changes in tax laws consider lowering the maximum income tax rate from 30 per cent to 25 per cent and increasing the maximum monthly taxable income bracket operating at this level since 2008, from 2000 to 2500 manat. In this case, the annual income bracket taxed at a rate of 14 per cent will be increased from the current 24,000 manat to 30,000 manat. Some changes are anticipated in regards to income tax benefits as well.
According to Samadzade, as a result of these changes, annual tax breaks for individuals will exceed 50 million manat. The draft law also includes exemption from income, land and property taxes, business parks in the area of information technology and industries to be established in Azerbaijan. "It is also planned to exempt the paid services of educational institutions from VAT (the tax rate in Azerbaijan is 18 per cent). This proposal will positively affect the development of education in the country raising the salaries of teachers,"Samadzade said.
Azerbaijan approves preferential and simplified rules for specific customs clearance
The Azerbaijani Cabinet of Ministers has approved preferential and simplified rules for the customs clearance of perishable goods, the text of the rules published on the website of the Cabinet of Ministers said. The rules were approved on December 12.
These rules also apply to clearance of goods and vehicles required during natural disasters and other emergency situations, animals, radioactive materials, materials for the media and goods for legislative, executive and judicial bodies and the Azerbaijani Central Bank.
