Taxes Ministry over-fulfills forecast on transfers to state budget
By Nigar Abbasova
The Azerbaijani Taxes Ministry has over-fulfilled its forecast on transfers to the state budget.
Deputy Taxes Minister Ilkin Veliyev said that the forecast on tax revenues to the state budget for the first nine month of 2016 was fulfilled, while the total volume of transfers stood at 4.9 billion manats ($ 3.03 billion) as of October 1.
Non-oil revenues increased by 365 million manats ($ 225 million) compared to the indices of January-September 2015.
Valiyev said that the forecast on revenues from non-oil sector was over-fulfilled by 64 million manats ($ 39.5 million), while the total volume of tax proceeds in three quarters exceeded 3.8 billion ($ 2.3 billion).
Some 61.6 percent of registered taxpayers accounts for regions of the country, while revenues to the state budget (from regions) amounted to 381.1 million manats ($232.7 million) in January-August 2016.
The growth of revenues coming from the non-oil sector of regions is considered to be a result of successful implementation of certain reforms and implementation of state programs on socio-economic development of the regions. Moreover, certain regions have managed to form their expenditures at the expense of taxes, not getting any subsidies from the budget.
Veliyev also said that the banking sector recorded a decline of 110 million manats ($ 68 million) in the volume generated proceeds, as compared to the rates of 2015.
Revenues of Azerbaijan's 2016-state budget were approved in the amount of 16.822 billion manats (about $10.879 billion), and expenses in the amount of 18.495 billion manats (about $11.961 bilion). The Taxes Ministry is forecasted to generate some 7.01 billion manats ($ 4.33 billion), which makes 41.7 percent of the total volume of budget revenues.
The parameters of the state budget for 2016 is based on oil price at $25 per barrel, which is mainly connected with the decline in oil prices, as well as devaluation of the national currency and transition to a floating exchange rate.
Meanwhile, the country has already prepared forecast indicators of the state budget and a draft concept of the socio-economic development for 2017 and subsequent three years. Oil price has been set at $40 per barrel in Azerbaijan’s draft 2017 state budget, while the budget expenses are expected to be reduced in 2017.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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