State Tax Service transfers $3.4bn in taxes to state budget

By Azernews

By Ayya Lmahamad

The State Tax Service under the Economy Ministry has transferred AZN5.8 billion ($3.4bn) in taxes to the state budget in January-May 2022, thus fulfilling the forecast by 149.3 percent, Azernews reports.

In comparison to the same period last year, the tax revenue increased by 52.3 percent or about AZN2 billion ($1.1bn).

Meanwhile, the revenue from the non-oil and gas sector amounted to AZN3.9 billion ($2.3bn), and the forecast was fulfilled by 130.3 percent. Funds transferred in excess of the forecast amounted to AZN909.5 million ($535m). At the same time, in comparison with the same period of 2021, the tax revenue from this sector increased by 41.8 percent or AZN1.1 billion ($680m).

Some 67.3 percent of taxes come from the non-oil and gas sector, and 32.7 percent from the oil and gas sector.

Additionally, the number of active taxpayers in the country grew by 2.7 percent, amounting to 684,699 as of June 1, 2022. The number of active payers of VAT increased by 5.7 percent and made up 36,666.

To recall, in 2021, the state budget revenue amounted to AZN26.3 billion ($15.4bn) which is 3.8 percent more than the approved forecast. Meanwhile, the state budget expenditures amounted to AZN27.4 billion ($16.1bn), which is 3.9 percent less than the forecast.

The state budget deficit amounted to AZN1 billion ($600m), which is 67.1 percent less than the approved forecast.