Fiscal Bodies Cope with Nine-Month Plan
Baku / 09.10.17 / Turan: Over the first nine months of this year, the Ministry of Taxes transferred 5 billion 224.4 million manat to the state budget in the form of taxes and state duties, which is by 298.3 million manat or 6% higher than the indicator for the comparable period last year, the department said.
Customs officers also easily managed with the nine-month target. They increased the amount of collection of customs taxes and duties approximately, as much as tax authorities - AZN 297.9 million. In January-September, 1 billion 951.6 million manat was received from import-export operations to the state budget, 18% more than for the same period in 2016.
This year, 7 billion 645 million manat will be collected by the Ministry of Taxes and the State Customs Committee will collect 2 billion 250 million manat.
According to experts, there is a huge potential for increasing the growth of state budget revenues. For example, according to the estimates of the economist Gubad Ibadoglu, only in 2015 the amount of evasion from customs fees for the 10 main trading partners amounted to over 740 million US dollars or 1.3 billion manat. -----08B----
Economics
-
The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
-
Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
-
The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
-
In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
Leave a review