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Non-oil sector to provide about 68% of tax proceeds to Azerbaijan’s state budget in 2015

Business Materials 15 October 2014 10:26 (UTC +04:00)

Baku, Azerbaijan, Oct. 15

By Maksim Tsurkov - Trend:

The Azerbaijani Taxes Ministry forecasts transferring 7.11 billion AZN of tax proceeds to the state budget in 2015, or 36.6 percent of total proceeds, which exceeds the current year's forecast by 10 million AZN (0.1 percent), said the presentation of projects of state and consolidated budgets of Azerbaijan Ministry of Finance for 2015.

The official exchange rate is 0.7843 AZN/USD on Oct. 15.

Tax deductions from the non-oil sector to Azerbaijan's state budget will amount to 4.81 billion AZN or 67.7 percent of a total volume of revenues. The proceeds through this line increased by 11.9 percent, or by 512 million AZN, compared to the forecast for 2014.

Tax deductions from the oil sector to Azerbaijan's state budget will amount to 2.3 billion AZN. The specific weight of tax proceeds will amount to 32.3 percent.

The specific weight of proceeds on value added tax will hit 33 percent of a total volume of tax levies, profit tax - 31 percent , income tax - 13.8 percent, excise tax - 8 percent, other taxes - 14.2 percent.

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