20:04 - 4.11.2026

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November 4, Fineko/abcnews. Speaking at a parliamentary committee hearing, Elvin Jamalov, Head of Executive Administration at the Ministry of Economy, stated that excluding SOFAZ's gold operations, Azerbaijan's foreign trade surplus grew by 25% to reach $7.1 billion in the first nine months of the year.

Tax revenue forecasts were executed at 107.2% overall and 102.9% in the non-oil/gas sector, with overall tax receipts rising by 9.4% and non-oil/gas taxes surging by 12.6%, 75% of which originated from the private sector. Mandatory state social insurance payments increased by 8.5% to reach AZN 5 billion. Due to labor market formalization, the share of state budget transfers in the State Social Protection Fund's (SSPF) revenue dropped from 36% in 2018 to 20%, while active taxpayers doubled and VAT payers grew 3.5-fold.