16:17 - 4.02.2020

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February 4, Fineko/abc.az. Subsidizing agriculture and tax exemption, providing machinery and fertilizers on preferential terms, stimulating investment and exports, and other state support mechanisms play an important role in accelerating regional development. Another indicator of this development is the growth of tax revenues on regions.

ABC.AZ reports that the statement was made by Economy Minister Mikayil Jabbarov at a conference dedicated to the results of the first year of implementation of the State Program of Socio-Economic Development of the Regions of Azerbaijan for 2019-23.

The minister stressed that due to systematic measures taken in 2019 in order to ensure revenue transparency and fair accounting, the State Budget received AZN 817 million that exceeds the forecast by AZN 163 million. The indicator is by 25% more against the forecast figures.

"In comparison with 2005, the share of total tax revenues on the non-oil sector of the regions doubled and reached 15%. At the expense of the legalization of the labor market and the creation of new jobs last year, revenues from the regions on mandatory state social insurance increased by 28%, including in the non-state sector - by 50%. Regions’ revenues from unemployment insurance premiums grew by 39%, including 70% in the private sector. At the same time, last year the country observed growth in the number of individual entrepreneurs more than by 12,000 in the regions," the minister said.