In the first nine months of this year the Ministry of Taxes missed the state budget 252.5 million. By the end of the year, according to government forecasts, drawback of taxes could fall to 100 million manats.
According to the Ministry of Taxes, in January-September 2015 the Ministry raised 5 billion 94.2 million manats, 4.8% less than in the comparable period of 2014. Thus from the beginning of the year the taxable base grew by 58,473 taxpayers.
Unlike last year, the Ministry of Taxes does not provide information on tax receipts from non-oil and gas sector.
It should be noted that this year the forecast tax revenues due to the fall in world oil prices decreased from 7 billion 112 million manats to 7 billion 12 million manats. And next year the Ministry of Taxes will bring 6.6 billion manats. The government expects that 72.9% of tax revenues will fall on the share of non-oil-gas sector. ----08B
Economics
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Azerbaijan Caspian Shipping Company (ASCO) has resumed regular cargo and passenger transportation after severe weather conditions disrupted operations in the Caspian Sea, the company said on Monday.
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Azerbaijan can overcome the so-called "middle-income trap" by increasing investments, improving the investment environment, and enhancing knowledge and skills, Deputy Minister of Economy Samad Bashirli said in Baku at the presentation of the World Bank’s Global Report World Development Report – 2024 (WDR).
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Countries in Europe and Central Asia must not only attract investment but also actively adapt and disseminate technology to ensure sustainable economic growth, according to Ivailo Izvorski, Chief Economist for the region at the World Bank. Speaking at the presentation of the World Development Report 2024, Izvorski highlighted structural issues that are slowing down private sector development.
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Azerbaijan is now among 54 middle-income countries, said Shahmar Movsumov, Head of the Department for Economic Affairs and Innovative Development Policy at the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku.
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