Azerbaijan’s tax revenue volume reaches historic high

Azerbaijan’s tax revenue volume reaches historic high

Economy
16 January 2020, 15:32 52
The volume of tax revenues in Azerbaijan reached a historic high in 2019, Azerbaijan’s Economy Minister Mikail Jabbarov said at a press conference on the results of socio-economic development in 2019, Trend reports from the event Jan. 16.
Jabbarov said that thanks to the reforms carried out in the tax sphere, the size of the shadow economy was significantly reduced.
The minister noted that as a result of these reforms, the volume of tax revenues in 2019 reached a historic high in Azerbaijan, amounting to 7.6 billion manat ($4.5 billion).
The share of voluntary tax revenues reached 91.1 percent, having increased by 7.9 percent since 2016, Jabbarov added.
The minister also said that over the past two years, the amount of tax payments to the state budget has decreased by 721.4 million manat ($424.3 million).
Last year, the forecast of tax revenues from the non-oil sector was overexecuted by 9.1 percent (458.3 million manat, or $269.5 million) and reached 5.4 billion manat ($3.1 billion), which is also the highest figure to date, Jabbarov noted.
The share of tax revenues of the sector amounted to 70.8 percent, added the minister.
In the structure of revenues from the non-oil sector in 2019, there was an increase in VAT revenues by 16.4 percent, excise tax - 4.7 times, income tax - 12.6 percent, land tax - 2.1 times, tax for real estate - by 44 percent, Jabbarov said.
The minister noted that tax revenues in the Azerbaijani districts increased by 11.9 percent and amounted to 795.4 million manat ($467.8 million).