Azerbaijan's budget revenues for 2023 may become highest in history

The state budget revenues for 2023 reached the highest level in the history of independence in the revised bill.

In this vein, the forecast figures for the main components of income were higher for 14 sources, lower for 1 source and remained stable for 6 sources, Report informs.

This is stated in the conclusion of the accounting chamber on the draft law "On Amendments to the Law on State Budget for 2023 ".

The document says that at the time of the revision, the budget revenues were projected at 33,779,500 manat ($19,870,293), which is the largest amount in the history of independence, by 9.8 per cent more than the approved figure.

It is expected that the bulk of the envisaged increase in revenues of the revised state budget of 3,005,500 manat ($1,767,941) will be provided at the expense of an increase in corporate income tax, value-added tax and transfers from the State Oil Fund of Republic of Azerbaijan (SOFAZ).