Azerbaijan forecasts revenues to state budget from VAT in oil, non-oil sectors

Economy Materials 10 November 2021 18:44 (UTC +04:00)

BAKU, Azerbaijan, Nov. 10

By Sadraddin Aghjayev - Trend:

Revenues to the state budget of Azerbaijan from value-added tax (VAT) in the oil and non-oil sectors are projected at more than 2.368 billion manats ($1.4 billion) in 2022, Trend reports with reference to the draft state budget of Azerbaijan for next year.

According to the draft state budget, this figure is 20.2 percent or 398.7 million manats ($234.6 million) higher than the forecast for the current year.

It is reported that 89 percent, or 2.107 billion manats ($1.2 billion) of VAT revenues accounted for the non-oil sector, 11 percent, or 261.1 million manats ($153.6 million) - in the oil sector.

The draft state budget notes that compared with the forecast for the current year, the VAT indicator for the oil sector is higher by 106.1 million manats ($62.4 million), or 68.5 percent, for the non-oil sector - by 292.6 million manats ($172.2 million), or 16.1 percent

It is noted, the forecast for the growth of VAT in the non-oil sector is due to the expected growth rates of non-oil GDP at the level of 9.4 percent this year and 8.7 percent next year. At the same time, according to macroeconomic forecasts, the consumer price index is projected at 4.9 percent this year and four percent in 2022.

In 2022, revenues to the state budget of Azerbaijan from value-added tax are forecasted as a whole in the amount of more than 5.278 billion manats ($3.1 billion).


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