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
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