BAKU, Azerbaijan, Apr. 28
By Fidan Babayeva - Trend:
Tax revenues to the state budget of Azerbaijan in the non-oil sector in the first quarter of 2021 increased by 7.8 percent, or 109.2 million manat ($64.2 million), compared to the same period of 2020, making up 1.51 billion manat ($888.2 million), Trend reports citing the State Tax Service under the Ministry of Economy of Azerbaijan.
“The forecast for tax revenues to the budget in the non-oil sector was fulfilled by 116.2 percent. The amount of taxes collected in excess of the forecast amounted to 211.1 million manat ($124.1 million),” the service said.
As reported, the amount of taxes collected in the first quarter for the non-oil sector is the highest in the first quarter in history.
According to the tax service, tax revenues from private structures in this sector of the economy amounted to 1.1 billion manat ($647 million), increasing by 15.8 percent on an annual basis. The share of these structures in the total volume of tax revenues from the non-oil sector increased from 70.8 to 76.1 percent.
“The growth of revenues from the non-oil sector was recorded mainly from VAT, tax on profits, and income tax. The growth in revenues from VAT amounted to 10.1 percent, excise taxes - 42.6 percent, income tax - 11.2 percent, income tax - 3.6 percent, mineral extraction tax - 29.3 percent, land tax - 36. 2 percent, property tax - 3.6 percent compared to the same period last year,” the report says.
From January-March 2021, tax revenues to the state budget of Azerbaijan totaled 3.1 billion manat ($1.82 billion).
(1 USD = 1.7 AZN on Apr.28)
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