Tax revenues to Azerbaijan’s state budget from banks, insurance companies increase

In January-May this year, financial revenues from banks and insurance companies through the Ministry of Taxes to Azerbaijan’s state budget increased by 48.4 percent compared to the same period last year, Trend reports with reference to the ministry on July 3.

The total revenue value from banks and insurance companies for the reporting period amounted to 180.2 million manats. Over a quarter of all tax transfers accounted for the industrial sector – 560.9 million manats (a 1.2 percent growth).

Major revenues to the state budget came from the service sector – 343.9 million manats (a 22.6 percent growth) and construction – 342.9 million manats (a 9.6 percent growth).

Tax revenues in the trade sector increased by 13.3 percent, reaching 238.1 million manats.

Significant increase in tax transfers is observed in the sectors of communication and transport – 40.6 and 26.1 percent, reaching 129.4 million manats and 137.3 million manats, respectively.

The lowest revenues to the state budget were recorded in the agricultural sector – 3.1 million manats.

In January-May 2019, tax revenues from the Ministry of Taxes to the state budget of Azerbaijan amounted to 3.139 billion manats, which is 239.9 million manats or 8.3 percent more than in the same period last year. The forecast was executed by 110.1 percent.