BAKU, Azerbaijan, Nov. 10
By Sadraddin Aghjayev - Trend:
Revenues to the state budget of Azerbaijan from corporate income tax in 2022 are projected to make up 2.67 billion manat ($1.57 billion), Trend reports on Nov. 10 citing the bill of the budget.
According to the bill, 1.82 billion manat ($1.07 billion), or 68.2 percent will account for the non-oil sector, and 850 million manat ($500 million) or 31.8 percent - the oil sector.
The forecast of revenues from corporate income tax in the non-oil sector in 2022 exceeds the forecast for the current year by 303 million manat ($178.2 million) or 20 percent, and the forecast for 2020 - by 265.3 million manat ($156 million) or 17.1 percent.
The bill noted that the growth in revenues from corporate income tax in the non-oil sector will be due to the continuation of structural economic reforms, government measures to simplify taxes for businesses, as well as an increase in the number of taxpayers.
Totally, from 2021 through 2025, the volume of projected revenues from the State Tax Service to the country's budget will increase by 3.43 billion manat ($2.02 billion) or 47 percent.
Table of the projected amount of revenues to the state budget from the State Tax Service of Azerbaijan for 2021-2025 and their share in the total revenues
|
Year |
Projected revenues of state budget |
Total revenues of state budget |
Percent share of Tax Service in total revenues |
|
2021 |
7.2 billion manat ($4.2 billion) |
25.4 billion manat ($14.9 billion) |
28.5 |
|
2022 |
9.13 billion manat ($5.37 billion) |
26.4 billion manat ($15.5 billion) |
34.6 |
|
2023 |
9.6 billion manat ($5.6 billion) |
26.5 billion manat ($15.6 billion) |
36.2 |
|
2024 |
10.1 billion manat ($5.9 billion manat) |
26.8 billion manat ($15.7 billion) |
37.8 |
|
2025 |
10.6 billion manat ($6.2 billion) |
27.12 billion manat ($16 billion) |
39.4 |
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