Non-oil-gas sector provided 55% of tax revenues
For 5 months of this year, the Taxes Ministry provided the state budget with 3 billion 121.7 million manat, which is 7.2% more than in the same period of 2013. In contrast to the oil and gas sector, the level of voluntary tax payments from other sectors of the economy is still low.
However, the tax authorities manage to increase revenues from the oil and gas sector is not. So far this year, the state budget was provided by the tax payments (including state taxes) from non-oil and gas sector totaling 1 717.6 million manat. This represents 55% of tax revenues since the beginning of the year. Compared to last year, the share of non oil and gas sector in tax payments increased by 3.7%.
In Azerbaijan, information on tax payments of individual subjects, according to the law "On Commercial Secrets", is considered a trade secret and is not subject to disclosure to third parties. - 08D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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