In 2013, the Ministry of Taxes will contribute 6.4 billion manat to Azerbaijan's state budget, which is 8.2% higher than forecast for the current year (5.91 billion manat). The share of the Ministry of Taxes in the income of the state budget for next year will amount to 33.4%.
According to the draft state budget for 2013, it will mainly receive profit tax (2,279 mln), VAT (AZN 1,776 mln) and income tax (783 million manat).
The share of non-oil sector will be 58.8% (3,760 mln) of tax revenue. It is expected that in 2013, revenues of the state budget through the Ministry of Taxes will increase by 480 million manats (14.6%).
In the next financial year, companies headquartered in the capital are to pay taxes (other than income tax) to local governments. As a result, it is expected that in addition to Sumgait and Absheron the city of Shirvan will repay its expenses of the budget.
Total 2013 revenues of local budgets (except the budget of Baku) will amount to more than 500 million manats, AZN 100 million exceeds the figure for the current year. - 08D-
Economics
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The Azerbaijani government is determined to stabilize oil production. This intention was announced by President Ilham Aliyev earlier this year. "Work is underway to stabilize oil production, and I believe we will see results in the near future. We need stable oil production, and this task has been set before the investors," he remarked during one of his speeches.
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Representatives from the World Bank, Azerbaijan’s Ministry of Digital Development and Transport, and the leadership of the Baku International Sea Trade Port (BISTP) convened in Alat on Monday to discuss the implementation of the second phase of the port’s development, the largest on the Caspian Sea.
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Investments in Azerbaijan's fixed capital totaled 15.91 billion manats ($9.36 billion) in the first 11 months of 2024, marking a 3.8% decline compared to the same period last year, official data showed on Thursday by the State Statistics Committee.
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Discussions surrounding the implementation of a landmark renewable energy project on the Absheron Peninsula took center stage at a December 11 meeting hosted by Azerbaijan’s State Agency for Renewable Energy (AREA) under the Ministry of Energy. The project, initiated through a memorandum of understanding signed on March 1 in Baku, involves collaboration with the Spanish engineering giant Elecnor.
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