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E-payment of taxes ensures 0.7 percent of revenues in Azerbaijan

Business Materials 18 July 2012 20:09 (UTC +04:00)
The funds worth over 20.9 million manat have been transferred to the state budget via the electronic tax payment system from mid-April to July this year in Azerbaijan, a report published in the Taxes Ministry’s Vergiler newspaper said today.
E-payment of taxes ensures 0.7 percent of revenues in Azerbaijan

Azerbaijan, Baku, July 18 / Trend A. Akhundov /

The funds worth over 20.9 million manat have been transferred to the state budget via the electronic tax payment system from mid-April to July this year in Azerbaijan, a report published in the Taxes Ministry's Vergiler newspaper said today.

The Azerbaijani Ministry of Taxes exceeded the forecasts for contributions to the state budget by 16 percent in the first half of 2012. This ensured the proceeds from collecting the taxes at the level of 2.968 billion manat.

Taxpayers conducted more than 467,000 transfers to VAT single deposit balance to the total amount of 995.7 million manat during the reporting period. Taking into account the balance, about 1.173 billion manat (including data from the State Customs Committee) were transferred from this account to the state budget in the reporting period.

Azerbaijan began using VAT deposit balance in 2008 that allows fully transforming tax control in the process of VAT calculation into e-form.

The tax bodies added 128.9 million manat more in Jan.-June, or 4.7 percent of total volume of tax revenues (2.77 billion manat) following the checks.
The official exchange rate is 0.7857 AZN/USD on July 18.

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