Over 20mn manat tax debts written off in Azerbaijan in 2011

Business Materials 20 July 2011 14:16 (UTC +04:00)

Azerbaijan, Baku, July 20 /Trend, N.Ismayilova/

In the first half of 2011, the Taxes Ministry of Azerbaijan transferred 2.564 billion manat to the Public budget, the deputy taxes minister Sahir Mammadkhanov said in an interview with the official newspaper, posted on the official website of the Ministry.

Of this amount, 696.8 million manat accounted for the public sector and 1.867 billion manat - private sector.

"As a result of increased activity in the private sector, which is the result of policies to support the real sector, the revenues from this sector as compared to the same period of the last year increased by 39 percent. The share of revenue from this sector increased from 67.1 percent in 2010 to 72.8 percent in the 1st half of 2011," said Mammadkhanov.

According to the deputy minister, the regional tax offices in the first half of 2011 transferred 197.2 million manat, which made up 122 percent of the forecasts. This is 41.5 million manat or 26.7 percent higher than the same figure of the same period of 2010.

As a result of revision of the 2011 Public budget, the forecast for the Taxes Ministry was increased by 740 million manat - up to 5.160 billion manat. 450 million manat from the additional income will be provided by the Azerbaijan International Operating Consortium (AIOC), and 180 million manat - SOCAR (State Oil Company of Azerbaijan).

He said as of June 1, the tax payable on territorial tax office was 495.8 million manat. As of the end of five months of this year, tax debts worth 21.2 million manat was written off in the country, and more than 90 percent of this amount accounted for the taxpayers, standing for registration in the territorial tax offices.