Off-budget Revenues of Ministry of Taxes Increased by 80%
From the beginning, off-budget revenues of the Ministry of Taxes of Azerbaijan totaled 38.9 million manat, which is 17.6 million manat or 80% more than in the first three quarters of 2015, the Ministry said.
This year, cash payments to employees and freelancers of the Taxes Ministry amounted to 35.5 million manat. This is six times more than in the comparable period of 2015. Remaining in the possession of the Ministry, 3.3 million manat was directed to different purchases, payment for services and repairs.
Note that the extra-budgetary fund of the Ministry of Taxes is formed by 50% of the funds from the financial sanctions imposed on the violators of tax laws. Last year, the Ministry of Taxes employees got 25% of the financial sanctions. After the increase in the ratio the legal income of tax employees increased significantly. ----08B
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review