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
-
On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
-
The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
-
Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
-
Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
Leave a review