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Minister: Tax revenues to state budget surpass forecast

27 May 2021 14:11 (UTC+04:00)
Minister: Tax revenues to state budget surpass forecast

By Ayya Lmahamad

Tax revenues to Azerbaijan’s state budget surpassed the forecast by 31.7 percent during the period of January-April 2021, the country’s Economy Minister Mikayil Jabbarov wrote on his official Twitter page on May 27.

Extra payment to the budget amounted to AZN 780.7 million ($459.2M) during this period.

“The share of non-oil and gas sector in these payments was AZN 451 million ($265.2M),” Jabbarov said.

Moreover, Jabbarov wrote that the volume of tax revenues increased by AZN 266.9 million ($156.9M) in comparison with the corresponding period of last year.

“Economic reforms and development of private sector bring positive results,” the minister wrote.

In another Tweet the minister underlined that there is positive dynamics in budget revenues from compulsory state social insurance and unemployment insurance.

Jabbarov stated that budget revenues from these types of insurance exceeded forecasts and reached 112.6 percent and 111.4 percent, respectively, adding that overall, extra revenues from both types of insurance amounted to AZN 140.4 million ($82.5M).

It was earlier reported that the state budget revenues for 2021 are projected at AZN 25.4 billion ($14.9bn), which is 33.6 percent of the GDP. In the meantime, state budget expenditures are projected at AZN 2.8 billion ($1.6bn), or 37.7 percent of GDP.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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