BAKU, Azerbaijan, May 8. Comparing January through April 2024 to the corresponding period of the previous year, mandatory state social insurance contributions in Azerbaijan generated $1.06 billion (1.8 billion manat) in revenue, which represents an increase of 11.7 percent, Trend reports via the State Tax Service under the Ministry of Economy of Azerbaijan.
According to the service's data, receipts from off-budget organizations increased by 14 percent compared to the same period in 2023, amounting to 1.2 billion manat, or $705.88 million.
Unemployment insurance contribution revenues rose by 13.8 percent, totaling 64.5 million manat, or $37.9 million, with non-budgetary organizations' revenues increasing by 17.1 percent to 48.9 million manat.
Contributions for compulsory medical insurance increased by 9.2 percent, reaching over 318.3 million manat, or $187.2 million, while off-budget organizations' revenues increased by 10.2 percent to 225.1 million manat, or $132.4 million.
Notably, receipts from mandatory state social insurance contributions surged by 13.3 percent in 2023 (610.5 million manat, or $359.1 million) compared to 2022, totaling 5.2 billion manat, or $3.06 billion.