In January-March 2024, tax revenues to the state budget of Azerbaijan through the State Tax Service (STS) amounted to 4 billion 281 million 505.1 thousand manats.
According to the State Tax Service under the Ministry of Economy of Azerbaijan, tax revenues decreased by 12.4% compared to the first quarter of 2023.
“During the reporting period, revenues from the non-oil sector amounted to 2 billion 914.2 million manats, by 11.3% higher than in the same period last year,” the information says.
In general, in January-March 2024, 68% of STS revenues were provided by the non-oil and gas sector, 32% by the oil and gas sector.
Based on the STS data, it turns out that in January-March of this year, revenues from the oil and gas sector amounted to 1 billion 367.5 million. Over the same period last year, this figure amounted to 2 billion 281.5 million manats. That is, in the first quarter of 2024, the tax payments of the oil and gas sector of Azerbaijan decreased by 914 million manats or by 40%.
The tax collection plan for 2024 amounts to 13 billion 865 million manats, or 40.6% of budget revenues for the current year.
It should be noted that by the end of 2023, tax revenues to the state budget of Azerbaijan amounted to 16.126 billion manats, of which 9.707 billion were revenues from the non-oil sector, 6.419 billion manats from the oil sector.
According to the Caspian Barrel, a significant decrease in tax revenues from the oil and gas sector occurred within the framework of the “Shah Deniz” gas project. According to the State Oil Fund of the Republic of Azerbaijan, the state’s profit from “Shah Deniz” decreased 8.2 times in January-March 2024, amounting to only $78.5 million.
