
Tax Revenues Decreased by 254.1 Million AZN
In January-July 2016 the Ministry of Taxes collected a total amount of 3 billion 849.9 million AZN, which is 254.1 million AZN or 6.2% less than for the comparable period of 2015, due to reduced revenues from the oil sector.
At the same time the Ministry of Taxes reports that it coped with the plan by 100.4%.
In July, the Ministry of Taxes collected taxes and state duties amounting to about 660 million AZN.
During this period, the number of taxpayers increased by 62.5 thousand. ------08D
Economics
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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.
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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.
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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.
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"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.
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