BAKU, Azerbaijan, May 27. Individual revenue tax in Azerbaijan amounted to 1.84 billion manat ($1.09 billion), exceeding the forecast of 1.8 billion manat ($1.07 billion) by 29.2 million manat ($17.3 million), or 1.6 percent, and was 179.6 million manat ($106 million), or 10.8 percent higher than in 2023, Trend reports.
This issue was reflected in the draft law "On the execution of Azerbaijan’s 2024 state budget" discussed at today’s meeting of the Parliamentary Committee on Economic Policy, Industry, and Entrepreneurship.
The increase in individual income tax collection compared to 2023 was driven by an 8.1 percent rise in the average monthly nominal wage to 1,009 manat ($600), as well as a 10.8 percent growth in the wage fund to 2.25 billion manat ($1.34 billion).
Meanwhile, profit (revenue) tax collected from the legal entities reached 6.79 billion manat ($4.04 billion), exceeding the forecast of 6.76 billion manat ($4.03 billion) by 24.3 million manat ($14.5 million), or 0.4 percent. Of this amount, 51 percent (3.46 billion manat, or $2.06 billion) came from the non-oil sector, and 49 percent (3.32 billion manat, or $1.99 billion) came from the oil sector.
The profit tax revenues from the non-oil sector amounted to 3.46 billion manat ($2.06 billion), which is 251.2 million manat ($150 million) or 6.8 percent less than the forecast of 3.7 billion manat ($2.21 billion), but 390.5 million manat ($232 million) or 12.7 percent higher than in 2023.
