BAKU, Azerbaijan, November 2. The personal income tax revenues are expected to reach 1.89 billion manat ($1.1 billion) in Azerbaijan next year, up by 195 million manat ($114.7 million) or 11.5 percent compared to the current year's forecast and 420.6 million manat ($247.8 million) or 28.5 percent higher compared to 2022, Trend reports.
This issue has been reflected in the draft state budget of Azerbaijan for 2024 presented by the Ministry of Finance.
The draft envisions 84.1 percent or 1.59 billion manat ($940 million) of the projected personal income tax revenues to come from income tax related to employment, and 15.9 percent or 301.5 million manat ($177.3 million) - from income tax related to entrepreneurial and non-entrepreneurial activities.
The increase in revenue is due to a 5.4 percent rise in the average monthly wage of 980 manat ($576.47) in Azerbaijan in 2024 compared to the current year's 930 manat ($547.65), according to macroeconomic indicators.
The corporate income tax revenues are expected to make up 5.67 billion manat ($3.3 billion).
Out of this amount, 57 percent, or 3.2 billion manat ($1.9 billion), are attributed to the non-oil sector, while the oil sector accounts for 43 percent, or 2.4 billion manat ($1.4 billion).
Overall, tax revenues to the state budget of Azerbaijan, collected by the State Tax Service increased by 22.6 percent year-on-year, totaling 12.8 billion manat ($7.5 billion).
Tax revenues to the country's state budget amounted to 15.5 billion manat ($9.1 billion) in 2022 (an increase of 82.2 percent compared to 2021).
