In September of this year, Customs Service of Azerbaijan provided revenue to the state budget of 123 938 800 manats. It is 148.3 thousand manat or 0.1% more than in August. Since the beginning of 2013 the State Customs Committee has collected 1 011.7 million manat.
The share of VAT is 723.4 million AZN or 71.5% of all customs duties. In comparison with January-September 2012 collection duties, VAT and other customs payments increased by 14.8%.
This year, customs officials have raised the bar from 1.2 billion to 1 billion 380 million manats. The participants of foreign economic activity point out that the level of corruption in customs is still high. Part of the funds raised goes to high-ranking officials. -08D-
Economics
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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Azerbaijan’s Milli Majlis approved in the first reading on Monday the draft budget of the State Social Protection Fund (SFS) for 2025, projecting a deficit-free financial plan with revenues and expenditures balanced at 7.676 billion manats, a 10.45% increase from the previous year.
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Azerbaijan appears poised for a notable economic shift in 2024, according to projections from the European Bank for Reconstruction and Development (EBRD). Inflation, a persistent thorn in the side of policymakers in 2023, is set to cool significantly, with the average annual rate expected to fall to 3.5%, compared with a high of 8.8% last year. Yet, as inflation moderates, the country's current account surplus—an indicator of its external economic strength—is forecast to narrow slightly, dropping to 8.5% of GDP from 9.9%.
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Azerbaijan's vegetable and fruit exports dropped in the first ten months of 2024, with physical weight down 4.1% and value falling 1.7% compared to the same period last year, according to the State Statistics Committee. Key export products, including potatoes and hazelnuts, saw significant declines, while apples, persimmons, and tomatoes showed modest gains.
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