Azerbaijan sees growth in revenues to state budget from customs duties
BAKU, Azerbaijan, May 19
By Fidan Babayeva - Trend:
Azerbaijan’s State Customs Committee transferred 4.4 billion manat ($2.5 billion) to the state budget in 2019, which made up 18.2 percent of all revenues, Trend reports referring to the 2019 state budget implementation report of the country’s Ministry of Finance.
The growth of customs revenues exceeded the stated forecast by 19 percent (706 million manat or $415.2 million), and 28 percent (974.5 million manat or $573.2 million) compared to the 2018 indicators.
The growth mainly resulted from increased imports in the non-oil sector by 21.9 percent, ensured transparency through applying the Green Corridor in the custom system, preliminary data transmission by the center for the fight against the shadow economy and risk management, as well as the prevention of artificial understatement of prices by importers with the introduction of data from exporting countries into the system.
The Azerbaijani state budget revenues amounted to 24.2 billion manat ($14.2 billion) in 2019, exceeding the projected amount by 1.05 billion manat that’s $617 million (4.5 percent).
Follow the author on Twitter: Fidan_Babaeva