Azerbaijan forecasts tax revenues to state budget in 2020
BAKU, Azerbaijan, Oct. 23
The Azerbaijani government expects the revenues to the state budget through the Ministry of Taxes to be 9.5 percent of GDP in 2020, Trend reports referring to a source in the government.
According to forecasts, revenues to the state budget through the Ministry of Taxes in 2020 will exceed 7.8 billion manat, which is 7.6 percent higher than the forecast for 2019 and 6.2 percent higher than the figure in 2018.
At the same time, 72.3 percent of tax revenues or almost 5.7 billion manat ($3.353 billion) are forecast to be from the non-oil sector, while the oil sector is expected to account for almost 2.2 billion manat ($1.3 billion) or 27.7 percent of total tax revenues to the state budget.
The government predicts an increase of 33.5 percent up to almost 1.18 billion manat ($694.1 million) in the revenues from the income tax of individuals.
Revenues from corporate income tax is projected to be over 2.6 billion manat ($1.5 billion) in 2020. Of this amount, over 1.6 billion manat ($941.1 million), or 62.6 percent of total revenues, account for the non-oil sector, which indicates an increase of 9.6 percent.
In 2020, the Ministry of Taxes expects revenues to the state budget to be from VAT in the amount of 2.03 billion manat ($1.2 billion), from simplified tax - 380 million manat ($223.5 million), from excise tax - 749 million manat ($440.6 million), from property tax - 211 million manat ($124.1 million), from land tax - 45 million manat ($26.5 million), from road tax - 76 million manat ($44.7 million).
The plan of the Ministry of Taxes on revenues to the state budget for 2019 is slightly over 7.3 billion manat ($4.3 billion).