BAKU, Azerbaijan, July 11. The mandatory state social insurance contributions in Azerbaijan brought in nearly 2.8 billion manat ($1.6 billion) between January and June of 2024, a 9.4 percent increase from the previous year, a source in the State Tax Service under the Ministry of Economy told Trend.
“This is a growth of 237.3 million manat ($139.6 million), compared to the same period last year. Revenues from off-budget organizations [on mandatory state social insurance contributions] increased by 12.1 percent year on year, exceeding 1.8 billion manat ($1.06 billion).
Unemployment insurance contribution revenues rose by 12.6 percent, totaling about 100 million manat ($59 million), with non-budgetary organizations' revenues increasing by 14.7 percent to 74.6 million manat ($43.9 million).
Contributions for mandatory medical insurance climbed by 7.7 percent, reaching 486.8 million manat ($286.35 million), while the off-budget organizations' revenues increased by 8.3 percent to exceed 340.6 million manat ($200.35 million)," the source added.
Revenues from mandatory state social insurance contributions grew by 13.3 percent (610.5 million manat, or $359.1 million) in 2023 compared to 2022, totaling 5.2 billion manat ($3.06 billion).
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