Azerbaijan achieves record growth in excise incomes from non-oil sector in 2020

By Azernews

By Ayya Lmahamad

Azerbaijan has achieved record growth in excise incomes from the non-oil sector in 2020, Economy Minister Mikayil Jabbarov wrote on his official Twitter page on February 11.

The minister stated that the transparency in the field of excisable products results in the legalization of revenues and increase of income.

The excise incomes from the non-oil sector in Azerbaijan last year amounted to AZN 397.2 million ($233.6M), which is by 18 times higher than in 2017. It should be noted that this figure resulted in AZN 22.4 million ($13.1m) in 2017.

Earlier, Mikayilov said that the volume of non-oil taxes collected hit record AZN 5.6 billion ($3.2bn) and the share of non-oil taxes in total tax revenue reached 76 percent in 2020. The share of the non-oil sector in Azerbaijan’s GDP exceeds 70 percent.

Minister Jabbarov earlier announced that Azerbaijan has set the goal to double non-oil exports by 2025.

Azerbaijan has determined five national priorities for the country's socio-economic development for the next decade, in accordance with the order of the president, which includes growing competitive economy, a dynamic, inclusive society based on social justice, a competitive space for human capital and modern innovations, a clean environment, and a great return to the Azerbaijani territories liberated from the Armenian occupation.