Tax revenues increase by 12% in Azerbaijan

From January through September 2021, the State Tax Service under the Azerbaijani Economy Ministry received over AZN 6.354 billion in taxes, fulfilling the forecast by 120.2%, Report informs, citing the State Tax Service.

According to the Tax Service, the work carried out in January-September 2021 for the transparency of turnover, further improved tax administration, the pace of recovery in the economy has led to an increase in tax and social insurance revenues.

Compared to last year's same period, tax revenues increased by 12%, or AZN 681.6 million.

Revenues from the non-oil and gas sector amounted to AZN 4.706 billion; the forecast was fulfilled by 114.9%. In addition to the forecasted amount, the state budget received AZN 609.6 million. Compared to the same period last year, tax revenues from this sector increased by 10.4% or AZN 442.7 million.

Tax revenues in the private segment of the non-oil and gas sector increased by 17.8% compared to the same period last year and amounted to slightly over AZN 3.6 billion. Revenues in the regions amounted to AZN 700.9 million, the forecast was fulfilled by 115.7%, and compared to last year, revenues from this source increased by 6.3%.

According to the Tax Service, 74.1% of taxes paid fell to the non-oil and gas sector, while the oil and gas sector accounted for 25.9%.