Tax revenues from non-oil and gas sector in Azerbaijan up by $1B

Last year, the volume of fiscal revenues by the State Tax Service amounted to 21.1 billion manats ($12,4 billion), said Orkhan Nazarli, head of the State Tax Service under the Ministry of Economy, at the conference themed "Heydar Aliyev and Azerbaijan's tax system: toward new challenges" held today, Report informs.

He said that this includes all fiscal revenues: “This amount was 78.9% of the total budget revenues. Last year, tax revenues were 15.5 billion manats ($9.1 million), which is 82.2% more than in 2021. Tax revenues from the non-oil sector amounted to 8.1 billion manats ($4.76 million). In 2022, tax revenues from the non-oil and gas sector increased by 1.8 billion manats ($1.05 billion) compared to 2021, and the forecast was fulfilled by 22.9%.

Nazarli said that the nominal growth rate of GDP in the non-oil-gas sector last year was 21.6%, and the nominal growth rate of tax revenues was 27.9%.