Azerbaijan records increase in various sources of tax revenues

By Azernews

By Ayya Lmahamad

A significant increase was recorded in the various sources of tax revenues in January-September 2022, Azernews reports, citing Azerbaijani Economy Minister Mikayil Jabbarov.

"Amidst the positive dynamics observed in the #nonoil and gas sector, in January-September of 2022, a significant increase was recorded in the various sources of #taxrevenues, compared to the corresponding period of last year," he tweeted.

In this regard, the growth in mining tax revenue amounted to 100.2 percent, property tax to 24.6 percent, excise duty to 15.3 percent, corporate tax to 48.2 percent, income tax of individuals to 22.4 percent, land tax to 11.5 percent, VAT to 27.8 percent, road tax to 15.8 percent and simplified tax to 10.1 percent.

Earlier, the minister stated that the tax revenues to the state budget equaled AZN10.4 billion ($6.1bn) in January-September 2022, which is an increase by AZN4bn ($2.4bn) or 64.5 percent compared to the relevant period of 2021.

Azerbaijan is entering a new stage of development, which will cover 2022 to 2030 years. The primary tasks are sustainable economic growth, financial stability of the national economy, and the restoration of liberated territories