In January-April this year under the country's tax service was transferred to the state budget 2 billion 368 million manat that is 282.4 million manat or 10.7% less than in the comparable period of 2014. Although the tax authorities themselves say that they exceeded the forecast by 1.7%.
According to the Ministry of Taxes, the non-oil sector provided 65.4% (1 billion 549 million manat) of tax charges (this includes state fee for various services). Compared with the same period of 2014 the tax collected from non-oil sector was 137.1 million manat more.
It should be noted that the decline in tax revenues is due to the fall in prices of oil, the main export product of Azerbaijan.
From the beginning of 2015, the tax authorities have stepped up pressure on the private sector and increased intensity of field tax audits. Entrepreneurs are forced to enter into a partnership agreement that provides for the imposition of obligations to transfer to the state budget a certain amount far exceeding the size of payments for previous years. --08B
Economics
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In the first 11 months of 2024, the State Oil Fund of Azerbaijan (SOFAZ) reported foreign currency sales totaling USD 6.494 billion, marking a 2.55-fold increase compared to the same period in the previous year.
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Azerbaijan's metallurgical and manufacturing sectors are experiencing a dramatic upswing, with steel rebar production climbing 78% in October 2024 compared to the same period in 2023. Over the first ten months of the year, the country produced 382,900 tons of rebar, underscoring significant progress in domestic output and industrial capacity.
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Steel production in Azerbaijan is on the rise, growing by 19% in 2024, signaling recovery in a sector often regarded as an industrial health indicator. Bolstered by increased demand from the construction and oil and gas industries, this steady growth underscores broader efforts toward economic revitalization.
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Azerbaijan's Energy Minister Parviz Shahbazov announced on the social media platform X that on Tuesday, he held discussions with Guinea-Bissau's Foreign Minister Carlos Pinto Pereira about potential energy partnerships. The meeting highlighted Guinea-Bissau's interest in Azerbaijan's expertise in energy, particularly in green energy, decarbonization, and oil and gas development.
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