The Ministry of Taxes is expected to transfer AZN 7,785,000,000 to the state budget in 2020, up 7.6% from the forecast for 2019, Report informs referring to the drafts of state and consolidated budgets.

Income tax to be paid by individuals is planned to go up 33.5% to AZN 1,175,000,000. Excise tax will increase by 24.4% to AZN 749 million, receipts from simplified taxation – by 18% to AZN 380 million, receipts on VAT – by 12.5% to AZN 2,030,000,000, receipts from mining tax – 1.1% to AZN 134.5 million, receipts from property tax, state duties and land tax remain unchanged respectively at AZN 211 million, AZN 190 million and AZN 45 million.

Instead, receipts from profit tax will drop 0.5% to AZN 2,656.5 million, from road tax 7.3% to AZN 76 million, other receipts – 39.5% to AZN 228 million.