During the first five months of 2019, the turnover of Azerbaijan’s non-oil sector increased by 8% YoY, the Ministry of Taxes reported.
The increase in VAT turnover was 9.6%, according to the report.
The trade and public catering sector showed the highest growth rates. The wholesale trade turnover grew by 18.4%, including 24.6% in terms of VAT. In the retail sector, the turnover increased by 37.3%, including 38.2% in terms of VAT. The turnover growth in public catering amounted to 20.6%.
The increase in turnover on electronic invoices is an important indicator of improved transparency in the conduct of business and the reduction of the shadow economy. In January-May the share of turnover of enterprises of the non-oil sector on electronic invoices amounted to 65.7%. In the same period last year, this figure didn’t reach 60%.
The highest growth rate of turnover on electronic invoices was recorded in agriculture (91.8%) and in trade (43.7%).
Transparency in the relations between the state and business, reduction of the shadow economy and legalization of business led to an increase in tax revenues from the non-oil sector, the ministry said. (AzerNews/Business World Magazine)
