Number of VAT payers increase in Azerbaijan

As of April 1, 2024, the number of active taxpayers has increased by 0.8 percent compared to the beginning of the year, reaching 768.1 thousand, Azernews reports, citing the State Tax Service under the Ministry of Economy.

During the reporting period, the number of active VAT taxpayers increased by 3.9 percent, reaching 47.5 thousand.

The number of active economic entities (objects) is 205.0 thousand.

The increase in the number of Value Added Tax (VAT) payers in Azerbaijan reflects several positive economic trends within the country. VAT is a consumption tax levied on the value added to goods and services at each stage of production or distribution, and its collection indicates economic activity and growth.

The notable rise in VAT payers suggests a strengthening economy and an expansion of business activities within Azerbaijan. This growth could be attributed to various factors such as increased investment, infrastructure development, government initiatives to stimulate entrepreneurship, and favorable business conditions.

Overall, the rise in VAT payers and active economic entities in Azerbaijan is indicative of a thriving economy, with increasing business participation and compliance, contributing to the country's overall economic development and stability.