How much have social insurance contributions increased? – Tax Ministry explains


October 23, Fineko/abc.az. The exemption from income tax of part of wages of individuals on the private section of the nonoil sector up to AZN 8,000 in 2019 created conditions for transparency of jobs and labor incomes.

ABC.AZ reports that the statement was made by the Tax Ministry’s press service.

During this period about 90,000 new employment contracts were registered in the non-state sector (71.4% of the number of employment contracts).

Under these conditions, revenues on social insurance contributions increased by 20.6%, and the forecast was met by 107.2%. Revenues from extra-budgetary organizations grew by 21.9%, and the forecast was implemented by 108.7%. Income on insurance premiums from unemployment increased by 40.3%, and the forecast was fulfilled by 107.3%. As for extra-budgetary organizations, revenues grew by 44.8%, and the forecast was met by 110.4%.