70 percent of budget revenues to come from non-oil sector, ministry says
By Aynur Karimova
Azerbaijan's Taxes Ministry forecasts state budget revenues in the amount of 7.11 billion manats ($6.78 billion) for 2015. Some 4.81 billion manats ($4.59 billion) or 67.7 percent will come from the non-oil sector, while revenues from the oil sector are projected at 2.3 billion manats ($2.2 billion).
Roughly 33 percent of the total volume of tax fees will be accounted for by the value added tax, 31 percent from the income tax, 13.8 percent from income tax proceeds, 8 percent excise taxes, and 14.2 percent from other miscellaneous taxes and fees, the ministry reported on August 11.
From January to July 2015, the ministry transferred tax payments in the amount of 4.1 billion manats ($3.9 billion) to the state budget, and increase from the 4.4 billion manats ($4.2 billion) acquired in the same period of 2014.
Around 47,396 taxpayers registered businesses in the country in the reported period.
Estimated tax receipts for the state budget by the ministry are expected in the amount of 19.438 billion manats ($18.53 billion) in income for 2015, with expenses not to exceed 21.1 billion manats ($20.1 billion). Budget forecasts are formed at an oil price of $90 per barrel.
The government of energy-rich Azerbaijan has been taking significant measures to develop the non-oil sector, which as a result has shown a growth between 10 to 15 percent over the last 2-3 years. Relevant programs were adopted at the state level on the development of the non-oil sector, covering mainly the agriculture, industry, and IT sectors.
Azerbaijan's State Statistics Committee reports that some 3.435 billion manats ($3.2736 billion) was invested in the country's oil sector in January-June 2015, and this indicator is 15.97 percent more compared to the same period of 2014.
Around 4.491 billion manats ($4.28 billion) was invested in the non-oil sector of the national economy. As a result, investments made in the oil sector amounted to 43.3 percent and 56.7 percent in the non-oil sector in the reported period.
Azerbaijan also plans to export products worth $26.8 billion in 2015, some $2.7 billion of which will be goods in the non-oil sector. The Azerbaijani government predicts the share of non-oil sector in Azerbaijan's GDP to be at 65.1 percent for 2015, which is 5.5 percent higher than the forecasts for 2014 and 8.5 percent higher than in 2013.
--
Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
Follow us on Twitter @AzerNewsAz