Nonoil sector tax transfers to Azerbaijan’s budget increased


October 14, Fineko/abc.az. The State Tax Service under the Ministry of Economy has disseminated information on the results in the field of tax revenues and social insurance payments.

ABC.AZ reports with reference to the Tax Service that for Jan-Sept 2021 the State Tax Service transferred AZN 6.35 bn of taxes to the State Budget, and thereby the forecast was fulfilled by 120.2%.

Compared with the same term of last year tax transfers grew by 12% (AZN 681.6 million).

Nonoil sector tax transfers amounted to AZN 4.706 bn. The forecast was met by 114.9%. The State Budget received an additional AZN 609.6 million.

Compared with Jan-Sept 2020, tax revenues in this sector increased by 10.4% (AZN 442.7 million).

Tax transfers from the private sector of the nonoil & gas sector increased by 17.8% (versus Jan-Sept 2020) up to AZN 3.6 bn.

By Elmir Murad