In 2016 Azerbaijani state companies reduced their tax debt to the state budget by AZN 979,314,300 or 40.6% to AZN 1,434,449,400,000, said in a statement of the Chamber of Account on execution of state budget and draft law on execution of 2016 state budget, APA-Economics reports citing to Interfax.

As of January 1, 2017 the tax debt amounted to AZN 860,589,800, of which AZN 193,047,200 are financial sanctions, AZN 380,812,400 – penalties.

According to the Chamber of Account, 97.6% or AZN 1,400,000,000 of the debts fell to share of non-state sector. Moreover, debts on oil sector increased 5.7%, on non-oil sector declined 41.2% in 2016.  

State sector’s debts amounted to AZN 365,419,500 or 25.5% of total debts, private sector’s debts – to AZN 1,690,029,900 or 74.5%. In 2016 the state sector’s debts slid 68.8%, private sector’s debts slipped 13.9%.

The significant decline on state sector’s debt was recorded in Azerenergy OJSC. The OJSC’s debts decreased AZN 796,289,700 to AZN 3,506,200, as well as principal amount of the debt descended AZN 390,295,500.  

News.Az