Budget revenues from banking and insurance sectors have grown - Report


October 23, Fineko/abc.az. The Ministry of Taxes has published a report on tax revenues and transparency for Jan-Sept 2019.

ABC.AZ informs that according to Ministry’s report, for the specified period the growth on some tax revenues was recorded.

Thus, the growth of land tax revenues made up 51.7%, property tax 41.9%, profit tax 24.5%, VAT 20.2%, and excise taxes 4.8-fold. The report says that in the structure of tax revenues there is a rise in the share of VAT, excise taxes, property and profit taxes. The share of VAT in the structure of tax revenues from the nonoil sector increased by 34.4% and profit tax by 26.1%.

For the reported term the highest growth rate was recorded in the communications sector (34.5%), banking and insurance sectors (30.6%), retail trade (21.8%), services (17.6%), transportation (14.2%), and other areas (21.8%).

By Elmir Murad