Custom revenues to Azerbaijan's state budget increase

By Azernews

By Rashid Shirinov

The State Customs Committee of Azerbaijan (SCC) transferred to the state budget more than 1.42 billion manats (about $850 million) in January to August 2016, the committee reported.

Revenues for the eight months rose by 39.1 percent as compared to January to August, 2015.

So, in January-August 2016, the revenues made up 379.22 million manats ($228 million) from customs duties, 930.41 million manats ($558 million) from VAT, 67.68 million manats ($41 million) from excise taxes, and 48.96 million manats ($29 million) from road taxes.

Revenues from customs duties have increased by 40.6 percent compared to the same period of 2015, from VAT by 35.9 percent, from road tax by 3.9 times, and from excise taxes by 18.7 percent.

In August 2016, the total revenues reached 244.09 million manats ($146 million). Revenues reached 62.06 million manats ($37 million) from customs duties in that month, 159.16 million manats ($95 million) from VAT, 8.91 million manats ($5.4 million) from excise taxes, and 13.96 million manats ($8.4 million) from road tax.

The SCC increased 2.7 times revenues from customs duties as compared to August 2015, by 86.1 percent from VAT, by 25 percent from excise taxes, and by 8.6 times from the road tax.

In general, the forecast on customs revenues to the state budget of Azerbaijan for 2016 is set at the rate of 1.81 billion manats ($1.09 billion).