Minister: State budget revenues from taxes hit $2.2bn

By Azernews

By Ayya Lmahamad

Tax revenues of Azerbaijan's state budget exceeded AZN 3.8 billion ($2.2bn), while the tax collection reached 127.1 percent of the forecast in the period of January-May 2021, Economy Minister Mikayil Jabbarov wrote on his official Twitter page.

Noting that the introduction of an advanced tax system stimulates economic development and provides positive results, Jabbarov stressed that the growth in tax collection was mostly ensured by the non-oil and gas sector.

"Budget revenues from this sector reached AZN 2.7 billion ($1.5bn), including AZN 471.8 million ($277.5M) over the forecast," the minister added.

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.