In January of this year, according to the State Customs Committee (SCC), the transfer to the state budget of 103 million 745.7 thousand manat was provided. This is 6.6% more than in the same month last year. However, with this rate it is unlikely to be able to collect the target established for the customs this year - 1 billion 590 million manat.
According to the State Customs Committee, in January 31.9 million manat or 30.8% of customs revenue accounted for import duties. A year earlier, the share of customs duties in the fee structure of the SCC was 19.5%. VAT was collected in the amount of 66.3 million manat, which is 8.1 million manat less than in January 2014.
From 1 March, new excise rates on certain types of goods (cars, jewelry, alcohol and cigarettes) come into force in Azerbaijan.
Independent analysts say that the resources to ensure the collection of customs duties and taxes make it possible to exceed the annual forecast. Referring to the "mirror statistics" of many of the leading trade partners of Azerbaijan, it is said that every year about 25% of imports of Azerbaijan are not reflected in customs statistical reports. ----08D
Economics
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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The International Association of Drilling Contractors (IADC) opened its annual "IADC Drilling Caspian" conference in Baku on Tuesday, bringing together industry leaders to discuss advancements in oil and gas drilling, as well as the growing role of geothermal energy.
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