BAKU, Azerbaijan, July 28
By Sadraddin Aghjayev - Trend:
The non-oil sector is becoming the main driver of ensuring the revenues of the state budget of Azerbaijan, Executive Director of the Center for Analysis of Economic Reforms and Communications of Azerbaijan, Doctor of Economics, Professor Vusal Gasimli told Trend.
In the first half of 2021, the state budget received 4.7 times more funds than predicted, he said.
"In the same period, the state budget received 9.5 percent more funds from the non-oil sector than a year earlier, or more than 3 billion manat ($1.76 billion). It follows that tax revenues from this sector are twice as high as its growth rates," Gasimli said.
He noted that the non-oil sector has compensated for the decline in tax revenues from the oil industry.
"Over the reporting period, almost 4.7 billion manat ($2.76 billion) was transferred to the state budget from the State Oil Fund of Azerbaijan (SOFAZ), which is 1.4 billion manat ($823 million) (or 23 percent) less than projected. However, the growth of revenues from the non-oil sector compensated for the decrease in these revenues," Gasimli said.
In addition, the growth of revenues to the state budget was facilitated by the implementation of reforms in the field of public administration, including the improvement of tax and customs administration, the fight against the shadow economy, the executive director said.
"The state budget received 24.4 percent more funds through the State Tax Service of Azerbaijan than it was predicted, through the State Customs Committee - by 14.6 percent, and through other structures - 4.7 times. Incomes to the state budget from rent and privatization of state property in the first half of the year exceeded the figures for the same period of 2020 by 1.6 and 56.3 times, respectively," Gasimli added.
According to Gasimli, reforms in the field of public administration contribute to increased transparency, accountability and efficiency.
---
Follow the author on Twitter: agdzhaev=