Tax Minister: Azerbaijan observes rise in revenues on all types of taxes from nonoil sector


October 10, Fineko/ Tax Minister Mikayil Jabbarov of Azerbaijan delivered speech at Cabinet Ministers’ meeting devoted to the results of socio-economic development for Jan-Sept of 2018 and the upcoming tasks.

Minister Jabbarov stated that for the past 9 months taxes were collected for AZN 5.306 bn against the forecast of AZN 5.298 bn.

"Thus, the tax revenue forecast was fulfilled by 100.2%. Revenues from the private sector accounted for 65.7% of all taxes. Although completion of the active phase of implementation of investment projects in the oil and gas industry affected revenues from the nonoil sector, due to growth of revenues from other areas of the nonoil economy and growth of oil revenues, taxes were collected by 1.6% or AZN 81.4 million more than for Jan-Sept 2017,” the minister emphasized.

According to Jabbarov, this year tax revenues from the private nonoil sector increased by 7%, and their share in nonoil tax revenues increased from 51% up to 59%. As a result of creation of new jobs in the districts of the country, tax revenues from the districts increased by AZN 508 million that is by 12% more than for the same term 2017. Growth of revenues on all types of taxes from the nonoil sector is observed.