In 2014, the state budget received 7 billion 113.6 million manat from the Ministry of Taxes that is 450 million manat more than in 2013. The ministry fulfilled the forecast for the collection of taxes and state fees.
According to the Ministry of Taxes in the past year most revenue in taxes came from income tax (2.3 billion AZN). In comparison with the previous year, budget revenues from this type of tax decreased by 3%, which is probably due to the fall in oil prices. Perhaps for the same reason, the forecast for royalty collection was not fulfilled: compared to the year 2013, income from this type of tax amounted to 116.1 million manat, decreasing by 4.4%.
In annual terms, the payment of income tax increased by 14% and amounted to more than 980 million manat.
Small entrepreneurs, as well as transport, housing and construction companies transferred 153.4 million AZN to the state budget in the form of simplified tax. This is 28.3% more than in 2013.
The Tax Ministry collected 2 billion 48 million manat of VAT, which is 18.8% higher than the figure for 2013.
The share of the Ministry of Taxes in budget revenues amounted to 38.5%.
Note that on January 10, the Law "On Amendments to the Tax Code" was approved, according to which, from this year on, precious metals and stones, and income on bank deposits will be taxed. The driver’s tax and the excise duties on import of cars have been increased. ---08B
Economics
-
According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
-
Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
-
Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
-
Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
Leave a review