Tax revenues in nonoil sector increased by about half a billion manats


October 23, Fineko/abc.az. The share of the nonoil sector in tax revenues made up 70.0%.

ABC.AZ reports that according to Tax Ministry’s report on tax revenues and transparency for Jan-Sept 2019, the annual forecast on the nonoil sector was met by 78.9%.

The report says that tax revenues in the nonoil sector amounted to AZN 3.928 bn with a rise of 12.6% or AZN 439 million compared with the same term of 2018.

The forecast on the nonoil sector was implemented by 110.1%, with additional taxes collected for AZN 361.1 million. Revenues from the private sector increased by 14.1% and exceeded the nominal GDP growth rate in the sector. The share of the private sector in non-tax revenues grew up 77.3%. The share of voluntary payments on tax revenues in this sector reached 92%.

High growth rates of tax revenues from the nonoil sector were recorded mainly on VAT, excise duty, profit, property tax and land taxes.

By Elmir Murad