Minister: Significant increases recorded in tax revenues

By Azernews

By Ayya Lmahamad

Azerbaijan's Economy Minister Mikayil Jabbarov has said that significant increases were recorded in tax revenues by types of payments and areas of activity.

"In the context of the positive dynamics observed in the non-oil sector, in January-February 2022, significant increases were recorded in tax revenues by types of payments and areas of activity, compared to the same period last year," he wrote on his official Twitter page.

Moreover, the minister noted that as a result of the legalization of transactions and the introduction of a new generation of cash registers, an innovative tool for online control of businesses, in the first two months of this year, turnover of online cash registers increased by 41.7 percent compared to January-February last year.

Earlier the minister stated that tax revenues in Azerbaijan exceeded the forecast by 8.7 percent in the first two months of 2022. During the reported period, tax revenues increased by 25.2 percent compared to the same period n 2021 and amounted to AZN 1.8 billion ($1.07bn), and the forecast was fulfilled by 108.7 percent.

It should be noted that the country's GDP increased by 6.7 percent and amounted to AZN 12.4 million ($7.3m) during the reported period.

The task is set of sustainable diversification of the economy, and in this regard, it is planned to develop a concept that will contribute to the growth of non-oil exports. The volume of the non-oil goods' export is planned to double by 2025.