Income tax revenues from Azerbaijan's oil sector increase 5 times

In 2022, income tax revenues from Azerbaijan’s oil sector amounted to 5.9 million manats ($2.8 million), which exceeded the forecast by 3.02 million manats ($1.7 million).

Besides, the tax revenues were 4.7 million manats ($2.7 million) or 5 times more than in 2021, Report informs, citing the "Annual report on the execution of the state budget for 2022".

According to the document, 8.7 per cent or 516.4 million manats ($303.7 million) of revenues fall on the State Oil Company (SOCAR), 91.3 per cent or 5.3 billion manats ($3.1 billion)- contracting organisations for the distribution of production in the oil and gas sector.

The non-oil sector accounted for 94.8 per cent or 6.5 billion manats ($3.8 billion) of VAT revenues, and the non-oil sector - 5.2 per cent or 361.7 million manats ($212.7 million).

To recall, the state budget revenue for 2023 was predicted at 30.7 billion manats ($18.05 billion), the highest figure in the country's entire history, compared to previous years which was 5.2 per cent more than in 2022 and 16.4 per cent more than in 2021.