Minister: Tax revenues in Azerbaijan up by 34.4 pct

By Azernews

Azerbaijan's Economy Minister Mikayil Jabbarov has said that the tax revenues increased by 34.4 percent and amounted to AZN 2.8 billion ($1.6bn) in the first quarter of 2022.

He added that the forecast was fulfilled at 123.8 percent.

"Revenues from the non-oil sector increased by 48.9 percent to AZN 2.2 billion ($1.2bn), and the forecast was fulfilled by 128.6 percent," he wrote on his official Twitter page.

The minister stated that the revenues from compulsory state social insurance amounted to AZN 1.4 billion ($823,5m), whilst revenues from the unemployment insurance equaled to AZN 35,266 ($20,744).

"Forecasts on the revenues from these insurances were fulfilled at 109 percent and 112.3 percent respectively," he added.

It should be noted that Azerbaijan's gross domestic product has increased by 6.8 percent in the first quarter of the year. The non-oil economy has grown by more than 10 percent. In addition, growth in industrial production is about 4 percent, and in non-oil industrial production, it is more than 18 percent. 

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.