In January this year the Ministry of Taxes directed to the state budget 780.3 million manat, which is 10.4 % more than during the same period in 2013.
In the Taxes Ministry they told Turan, about half, or 48.9 % of tax revenues accounted for the profit tax. In January last year for this type of tax was raised in the state treasury 54.3 % of tax revenues.
The share of excise duties accounts for 9.1 % of tax revenues, a 3.3 % strength point higher than the figure for the same month last year. As you know, on January 21 this year the government of Azerbaijan reduced to a minimum excise duties on gasoline caused by the need to meet local market needs.
According to the Ministry of Taxes, from the oil and gas sector was not collected 330.8 million manat, which is 26.6 million manat more than in January 2013.
In 2014 the Ministry of Taxes shall provide revenue to the state budget in the amount of 7.1 billion manat. This is a 6.5% increase from the performance in 2013 (6 663.6 million manat). This year the Ministry of Taxes share in the state budget is set at 38.5%. - 08D-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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