In the first half of 2016 the non-oil-gas sector provided 2 billion 495.4 million AZN to the state budget, which is 78.2% of the tax revenues for the period.
According to the Ministry of Taxes, compared to the same period in 2015, tax revenues from the non-oil-gas sector increased by 215.1 million AZN or 9.7%.
During this period the tax revenues to the state budget from the non-state sector totaled 2 billion 261.1 million AZN. This corresponds to 70.9% of tax revenues in the first half.
The proportion of the regions (275 300 000 AZN) was 8.6% in tax payments.
In general, the Ministry of Taxes provided to the state budget 3 billion 190.1 million AZN, up 2% from the forecast.
In the first half of 2016 the total number of tax audits decreased 2.8 times. -----08D
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review