LOTTERY CASTING PROMOTES CUT IN MONEY MASS IN MARKET, INFLATION, SSC CHAIRMAN
вЂњAn experience of other countries shows that lottery drawing is monopolized everywhere,вЂќ Heydar Babayev, the chairman of the State Committee on Securities, told Trend, "We have passed this period and its negative outcomes, when many were issued licenses, while excluding 1-2 companies, the majority were involved in fraud and swindled the participants in drawing, refused to give the prizes," he stressed.
Babayev underlined that the lottery drawing promoted cut in money mass in the market and inflation. As to other types of lottery, he said Azerlotereya conducts work in this direction. "It is necessary to have a relevant logistics in this respect. However, thus far the company could not repay its statutory capital in the amount of 100m manats, which we were to invest as founders. At present 50% of profits is transferred to the prize. The JSC is not released from payment of taxes, so the rest is directed at repayment. After the establishment of the logistics base we plan to carry foot-forecasting,вЂќ Babayev underlined
The President of Azerlotereya JSC, Jamil Sultanov, noted that over the first 8 months of 2005 124m manats has been transferred to the accounts of the JSC, which hold 5 lottery drawing. "2000-2500 people are involved in sale of lottery tickets in Azerbaijan. The prize fund of all drawings made up 76,560bn manats. In this period the JSC repaid approximately 20bn manats in the accounts with the public budget and non-budgetary funds. 17.5bn manats of the total fell on VAT payments, 2bn manats вЂ" profit taxes, 36bn manats вЂ" other taxes, 75m manats вЂ" the State Fund for Social Security," he noted.
Sultanov noted that over 8 months of 2005 profits of the JSC constituted 2,850bn manats. The organization has held 104 lottery drawing since the beginning of the year and sold approximately 50 million tickets, of which 10 million were include in the prize fund.