admin April 18, 2016

The customs revenues to the state budget have increased by almost 22 percent in the first quarter of 2016.

The State Customs Committee transferred 416.92 million manats ($275.23 million) to the state budget during January-March 2016, the committee reported for the first quarter of 2016.

The customs revenues rose by 21.9 percent compared to the same period of the last year, the Committee’s report for January-March showed.

The forecasts on budget revenues were fulfilled by 114.77 percent, according to the SCC.

This revenue amounted to 173.65 million manat ($114.63 million) for March of this year.

Revenues from customs duties amounted to 44.22 million manat ($27.87 million), 124.63 million manat ($82.27 million) from VAT, 2.69 million manat ($1.78 million) from excise duty, 2.11 million manat ($1.39 million) from road tax during the last month.

Revenues from VAT and road tax increased respectively by 64.7 percent and 19.9 percent compared to March 2015 while revenues from customs duties and excise taxes fell respectively by 6.7 percent and 64.6 percent.

In total, revenues from customs duties amounted to 107.1 million manat ($70.70 million) for the first quarter of this year, VAT to 298.22 million manat ($298.22 million), excise taxes to 6.12 million manat ($4.04 million), road taxes to 5.48 million manat ($3.61 million).

Compared to the same period of the last year, revenues from customs duties increased by 13.6 percent, from VAT by 33.4 per cent, from road tax by 28.04 percent. However, revenue from excise taxes decreased by 69.2 percent for the same period.

Overall, the forecasts on customs revenues transferred to the state budget of Azerbaijan stand at 1.81 billion manat ($1.19 billion).

Source: Azer News