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Azerbaijan’s economy minister unveils growth rate of non-oil sector of country’s economy

Economy Materials 27 May 2022 14:49
Azerbaijan’s economy minister unveils growth rate of non-oil sector of country’s economy
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, May 27. A significant increase in tax revenues by types and directions of payments was registered, against the backdrop of positive dynamics recorded in the non-oil sector of the Azerbaijani economy, from January through April 2022 compared to the same period last year, Azerbaijani Economy Minister Mikayil Jabbarov wrote on Twitter, Trend reports.

This follows from the table in the publication that the growth rates of tax revenues in the non-oil sector were recorded: for Value-Added Tax (VAT) - by 51.4 percent, for excises - by 21.5 percent, for property tax - by 49.1 percent, for road transport tax - by 26 percent, for mineral extraction tax - by 66.8 percent, for land tax - by 58 percent.

"This dynamic is the result of economic diversification, increased transparency, and the quality of tax administration," Jabbarov said.

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