17:18 - 23.07.2020

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July 23, Fineko/abc.az. Azerbaijan is in the process of legalizing its economy.

ABC.AZ was stated about this by Vusal Gasimli, the executive director of the Center for Analysis of Economic Reforms & Communications, when commenting on Finance Ministry’s information about State Budget execution for Jan-Jun 2020.

He noted that despite the 2.7% decline in the economy in the 1st half of the year, State Budget revenues grew by 15.5% versus the 2019 same term: "Given the GDP deflator, the growth of budget revenues is more related to the "bleaching" of the economy. In the first half of the year, the tax authorities fulfilled the forecast for AZN 326.6 million or 8.9% more. At the same time, tax revenues from the non-oil sector amounted to AZN 367.7 million, or 14.5% more against the 2019 same term.

With a decrease in retail trade turnover by 1.8% and paid services to the population by 19.2%, tax revenues in these spheres increase. The withdrawal of the economy from the ‘shadow’ continues in the construction and catering sectors. The increase in electronic accounts, income from VAT deposits, current account balances in manats in private sector banks, the payroll fund in the private sector of the non-oil sector and e-commerce also indicates a decrease in the size of the shadow economy."