BAKU, Azerbaijan, January 6. The State Tax Service (STS) under the Ministry of Economy of Azerbaijan's Nakhchivan Autonomous Republic has projected revenue of 4.5 million manat ($2.65 million) from the simplified tax system for the next budget year, which is 0.5 million manat ($294,000) or 10% less than the forecasted amount for the current year, Trend reports via the Accounts Chamber.
''According to information, the forecast indicators for the simplified tax system weren't fully implemented during the first nine months of the current year. The main reason for the underperformance was a decrease in the simplified tax payments related to apartment sales by notary offices, as well as reduced payments from cash withdrawals from bank accounts. Therefore, the forecast for the simplified tax system for the next budget year has been reduced compared to the previous year. Since the forecast indicators for the current year's nine-month execution weren't met, there is a need to strengthen and clarify economic justifications during the forecasting process for the next budget year to avoid a deficit risk during execution," the information notes.
For 2026, the revenue projections for Nakhchivan budget include 248.2 million manat ($146.7 million) or 51.4% from the State Tax Service, 17.5 million manat ($10.3 million) or 3.6% from the Nakhchivan Main Customs Department of the State Customs Committee, 2.7 million manat ($1.6 million) or 0.6% from budget organizations' paid services, 0.4 million manat ($235,000) or 0.1% from state property rental revenues, one million manat ($588,000) or 0.2% from the Environmental Protection and Natural Resources Fund, 1.7 million manat ($1 million) or 0.3% from other revenues, and 211.6 million manat ($124 million) or 43.8% from the funds allocated by the state budget of Azerbaijan for revenue and expenditure regulation (subsidy).
Stay up-to-date with more news on Trend News Agency's WhatsApp channel