BAKU, Azerbaijan, May 20
By Eldar Janashvili – Trend:
The income from property tax of legal entities in Azerbaijan amounted to 212.6 million manat, which is 0.8 percent more than forecast, and 30.4 million manat or $17.8 million (16.7 percent) more than in 2018, Trend reports on May 20 referring to the report of the country’s Ministry of Finance on budget execution in 2019.
Some 143.9 million manat ($84.65 million) or 67.7 percent of corporate property tax revenues accounted for non-oil sector, and 68.7 million manat ($40.41 million) or 32.4 percent for oil sector.
Revenues from the non-oil sector on property tax amounted to 44.3 million manat ($26.06 million), or 44.4 percent more compared to 2018.
Income from value added tax (VAT) was executed in the amount of 5.2 billion manat ($3.06 billion) compared to the forecast of 4.2 billion manat or $2.47 billion (an increase of 23.6 percent), and 20.9 percent more than in 2018.
Meanwhile, 94.3 percent of VAT revenues fell to the non-oil sector, amounting to 4.9 billion manat ($2.88), and 5.7 percent or 295 million manat ($173.5 million) - to the oil sector. The main driver for the VAT growth in the non-oil sector was the increase in GDP through this sector, as well as the impact of wage reform on consumption.
Revenues from VAT on the import of goods amounted to 3 billion manat (1.7 billion), which is 25.7 percent higher than the forecast and 28.3 percent more compared to 2018. This growth was reportedly associated with a 21.9 percent increase in imports through the non-oil sector.
The revenues executed for simplified tax made up 358.6 million manat ($210.94 million), which is 11.4 percent more than the forecast of 322 million manat ($289.41 million). The growth mainly resulted from the increase in GDP through the non-oil sector, as well as the effect of wage growth on consumption.
At the same time, slightly more than half (50.3 percent) of simplified tax revenues in the amount of 180.3 million manat ($106.06 million) came from legal entities, 141.4 million manat ($83.1 million) or 39.4 percent - from individuals, and the remaining 10.3 percent (36.9 million manat or $21.7 million) – from payment of a simplified tax for cash withdrawal.
As part of simplified tax revenues, the revenues from persons involved in the construction of buildings amounted to 123.5 million manat ($72.6 million), from persons involved in providing residential and non-residential premises owned by them - 47.5 million manat ($27.9 million), from persons who are operators and sellers of sports bets - 20.5 million manat ($12.06 million), from persons providing land plots owned by them – 6.4 million manat ($3.7 million), revenues from people engaged in passenger and cargo transportation by vehicles owned or used by them – 6.3 million manat ($3.7 million), and from other persons - 117.5 million manat ($69.1 million).
Tax revenues from mineral extraction amounted to 133.8 million manat ($78.7 million) (0.6 percent growth compared to the forecast). At the same time, 96.5 percent of revenues in the amount of 129.1 million manat ($75.9 million) fell to the oil sector, and 3.5 percent (4.7 million manat or $2.7 million) - to the non-oil sector.
The revenues executed for customs duties amounted to 1.11 billion manat ($650 million), which is an increase of 23.3 percent compared to the forecast. This growth was due to an increase in the share of imports through the non-oil sector, as well as imports from non-CIS countries.
The revenues executed for simplified tax made up 358.6 million manat ($210.94 million), which is 11.4 percent more than the forecast of 322 million manat ($189.4 million). The growth was mainly due to the increase in GDP through the non-oil sector, as well as the effect of wage growth on consumption.
At the same time, slightly more than half (50.3 percent) of simplified tax revenues worth 180.3 million manat ($106.06 million) came from legal entities, 39.4 percent of the revenues worth 141.4 million manat ($83.1 million) - from individuals, and the remaining 10.3 percent of the revenues amounting to 36.9 million manat ($21.7 million) - from payment of a simplified tax for cash withdrawal.