Only the value added tax revenues to the state budget by October 1 of this year amounted to 1,494,815,100 manat (19.5% compared to the same period last year), the press service of the Ministry of Taxes reported.
In general, during this time, the Ministry of Taxes provided revenue to the state budget of Azerbaijan in duties and taxes in the amount of 5,346,762,800 manat. The income tax expense was 1,731,930,600 manat (at legal persons, minus 4.1%) tax on income of individuals - 708 398 500 manat (+16.2%).
The revenues from the excise tax amounted to 583.567 million manat (+ 52.2%), the mining tax - 94,241,300 manat (+4.1%), the land tax - 28,263,500 manat (+ 15.42%), the property tax - 103 929 600 manat (+19.8%), the simplified tax - 110.967 million manat (+ 24.8%), and the road tax - 19.206 million manat (+ 6.1%).
The state duty increased the budget by 82,745,100 manat (minus 7.2%), and the "other income" was 388,699,100 manat (minus 22.8%).
The Ministry plans to transfer AZN 7,102 million to the state budget this year. --17D-
Economics
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Azerbaijan's government has allocated a total of 4.83 billion manat ($2.8 billion) from the state budget in 2024 for the reconstruction and restoration of territories liberated from occupation, the Ministry of Finance announced.
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President Ilham Aliyev of Azerbaijan convened a meeting on January 28 to discuss the development of the country's transportation infrastructure, focusing on the challenges facing the capital city Baku and its surrounding areas. Despite significant advancements in infrastructure over the past years, Aliyev acknowledged that traffic congestion remains a growing issue due to the rapid increase in the city’s population.
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Azerbaijan concluded 2024 with state budget revenues of 37.16 billion manats, exceeding forecasts by 2.1% and reflecting a 5.5% increase compared to 2023. Budget expenditures amounted to 37.72 billion manats, resulting in a manageable deficit of 555.5 million manats. Despite the deficit, the government demonstrated fiscal resilience and strategic allocation of resources, supported by higher-than-expected non-oil revenues and prudent expenditure control.
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According to data released by the Ministry of Finance on Monday, Azerbaijan’s external public debt as of January 1, 2025, stood at $5.16 billion, accounting for 6.9% of the country’s GDP for 2024.
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