SCC Exceeds Plan by 43%
The State Customs Committee revealed the data on the customs duties and taxes collected in December - 235 million manat. Thus, in 2016 from customs duties on import and export of goods the state budget received 2 billion 291.6 million manat.
Compared to 2015, the amount of customs duties and taxes increased by about AZN 700 million or 43.9%.
The growth of customs revenue has been marked on the background of the double devaluation of national currency and reduction of imports by 6%. In other words, SCC should not have much difficulty to exceed the annual plan.
In 2017, according to the state budget, SCC expects to collect 2.2 billion manat. --08D--
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