Azerbaijan records increase in tax revenues in non-oil and gas sectors

Economy Minister Mikayil Jabbarov said that a significant increase was recorded in tax revenues from the non-oil and gas sectors in January-April 2022 compared to the same period last year, Azernews reports.

"This dynamic is the result of economic diversification, growth of the scale of transparency, and improvement of the quality of tax administration," he wrote on his official Twitter page.

As follows from the table, the growth rates of tax revenues in the non-oil sector were recorded for income tax (69.9 pct), mining tax (66.8 pct), land tax (58 pct), VAT (51.4 pct), property tax (49.1 pct), road tax (26 pct), personal income tax (22.2 pct), excises (21.5 pct) and simplified tax (17.7 pct).

Moreover, the minister added that tax revenues from the private segment of the non-oil sector increased by 44.7 percent during the reported period.

"In January-April 2022, tax revenues from the private segment of the non-oil sector increased by 44.7 percent compared to the same period last year, and revenues from the private segment of the oil sector, excluding taxes from foreign and domestic subcontractors, increased by 45 percent," he wrote.

Earlier, it was reported that during the first quarter of the year, Azerbaijan’s non-oil economy grew by more than 10 percent, growth in industrial production is about 4 percent, with non-oil industrial production totaling over 18 percent.