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Azerbaijani Minister of Taxes: Share of private sector in non-oil economy very high

Azerbaijani Minister of Taxes: Share of private sector in non-oil economy very high
The Azerbaijani Ministry of Taxes fulfilled the indicators of the consolidated budget for the first half of 2019 and transferred 4.954 billion manats to the state budget, Minister of Taxes Mikayil Jabbarov said at a meeting chaired by President Ilham Aliyev related to the socio-economic sphere, Trend reports.
According to him, of these funds, 3.633 billion manats amounted to taxes and state fees, while the remaining 1.321 billion manats accounted for deductions for compulsory social insurance and unemployment insurance.
The Minister of Taxes said that this equals a 108.8-percent, a 112.5-percent and a 116-percent fulfillment of taxes, social insurance and compulsory unemployment insurance respectively, and expressed confidence that these rates will continue to continue.
Jabbarov said that the State Customs Committee also carried out a semi-annual budget forecast of 108 percent. This is the result of tax policy, proper administration and ongoing reforms, as well as of the fight against shadow economy.
Tax revenues from the non-oil sector accounted for 70.1 percent of the total revenues. For comparison, this figure made up 65.8 percent in 2018. Overall, the growth rate of revenues from the non-energy sector was 14.3 percent.
"This exceeds the growth rate of the relevant sector of the economy, and we have already fulfilled the annual forecast of 51.1 percent," the minister said.
He emphasized that the share of the private sector in the non-oil economy of Azerbaijan is very high and makes up 77 percent.
Furthermore, a significant increase was achieved in the number of labor contracts thanks to tax reforms. Over the past 6 months, a total of 101,000 new labor contracts have been registered, 77,000 of which were in the private non-oil sector.
All these result from reforms on preferential taxation. "Only because of this, 150 million manats, previously paid in taxes, remained at the disposal of citizens," the minister said.

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