Economy Minister told about decrease in shadow economy


January 17, Fineko/abc.az. The shadow economy observes a decline as a result of tax reforms.

ABC.AZ reports that the relevant statement was made by Economy Minister Mikail Jabbarov at a recent media conference.

The minister noted that last year’s tax revenues reached historical maximum of AZN 7.672 bn. Over the past 2 years overpayments to the State Budget have reduced by AZN 721.4 million.

According to Jabbarov, the forecast on tax revenues from the non-oil sector was fulfilled by 109.1% in 2019 that is the highest figure achieved so far.

"Tax revenues from the non-oil sector grew by AZN 458.3 million or 9.1% up to AZN 5.432 bn. The share of voluntary tax revenues in the non-oil sector in the total revenues from this sector reached 91.1%. Revenues from the non-oil sector increased by 16.4% on VAT, by 4.7 times on excise duty, and by 12.6% on income tax," the minister emphasized.