Azerbaijan reports over 2B manats in tax revenues in January

In January this year, 2.05 billion manats ($1.2 billion) was transferred to the state budget of Azerbaijan through the State Tax Service under the Ministry of Economy, Report informs.

According to the State Tax Service, this figure is 9.3 percent lower compared to the same period last year, while exceeding the forecast by 2.5 percent.

Of the total tax revenues collected last month, 1.46 billion manats ($858.8 million) came from the non-oil and gas sector. This represents an increase of 6.5 percent year-on-year and is 2.95 percent higher than the projected level.

The data reflects continued growth in non-oil tax contributions despite an overall decline in total tax revenues compared to January of the previous year.

According to official forecasts, the State Tax Service is expected to transfer a total of 16.91 billion manats ($9.9 billion) to the state budget by the end of this year.