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Ministry of Taxes forecasted to transfer over AZN 7 bln to state budget next year

14 October 2014 13:22 (UTC +04:00)

Baku. Agshin Rafigoglu - APA-Economics. Ministry of Taxes is forecasted to transfer AZN 7,112 mln to the state budget in 2015 (up AZN 448 mln or 6.7% from 2013, AZN 10.0 mln or 0.1% from 2014’s forecast), of which AZN 4,812 mln or 67.7% will come from non-oil sector, AZN 2.3 bln or 32.3% from oil sector, APA reports quoting website of the Finance Ministry.

Transfers from no-oil sector are up AZN 1,048.1 mln or 27.8% compared to 2013, AZN 512.0 mln or 11.9% compared to 2014 forecast.

Individuals’ income tax is predicted to make 13.8% of total transfers from Ministry of Taxes with AZN 982.0 mln, up AZN 122.3 mln or 14.2% from 2013, AZN 100.0 mln or 11.3% by contrast to forecast for 2014. The forecast is based on 7.2% increase of average monthly salary and launch of new jobs.

Transfers on profit tax of legal entities will make 31.1% with AZN 2,211.0 mln (down AZn 6.0 mln or 0.3% from 2014 forecast), of which AZN 800.0 will come from profit tax of contractors on production sharing contracts in oil and gas sector.

Profit tax of legal entities on non-oil sector is forecasted to make AZN 1,061.0 mln, up AZN 239.7 mln or 29.2% from 2013, AZN 111.0 mln or 11.7% compared to 2014 forecast.