Weekly economic review (Dec. 26-30)

Analysis Materials 30 December 2016 16:09 (UTC +04:00)

Azerbaijan looks to increase tax revenues in 2017

Azerbaijani Ministry of Taxes is working to reach the forecast on tax revenues to the state budget in 2017, Deputy Taxes Minister Sahib Alakbarov said.

The forecast is 7.51 billion manats, which is 0.5 billion manats more than the forecast for 2016, he said.

“The revenue forecast for 2016 is 7.01 billion manats and it was increased to 7.51 billion manats for 2017. We believe this is the minimum bar and we will work to exceed this forecast,” said Alakbarov.

“This year, we cut by half the number of field checks and in-house audits. As a result, the volume of tax revenues slightly decreased in some areas, but overall, we could ensure the growth of tax revenues, by broadening the tax base as well,” he explained.

The deputy minister noted that as of today, 770,000 taxpayers are registered in Azerbaijan, more than 740,000 of them are payers of simplified tax.

"The volume of revenues from this category of taxpayers is only about 300 million manats, while the rest of the revenues is actually secured by payments from 30,000 business entities," he said.

The Azerbaijani head of state set a goal to secure the current expenses of the state budget through tax and customs revenues, and the Ministry of Taxes will work to achieve this goal, according to Alakbarov.