Azernews.Az

By Nigar Abbasova

The Azerbaijani Taxes Ministry over fulfilled the forecast on transfers to the state budget by 3.2 percent from January to May 2016.

The revenues provided by the ministry amounted to 2.683 billion manats ($ 1.778 billion). As much as 44,961 taxpayers have been registered in the country in the first half of 2016.

The amount of revenues to the state budget which will be provided by the Tax Ministry in 2016 is expected to reach the level of 7.01 billion manats ($ 4.64 billion) which makes 41.7 percent of the total revenues to the state budget.

Azerbaijan's state budget revenues amounted to 17,498 billion manats ($11.652) in 2015, 41.6 percent of the budget revenues accounted for the non-oil sector.

Previously Economy Minister Shahin Mustafayev mentioned that the country is able to neutralize negative effects of the external factors on its economy therefore it is not going to reconsider the state budget forecasts for 2016.

Public budget revenues in 2016 are expected to reach 16,822 billion manats ($11, 202 billion), while the rate of expenditures will amount to 18.495 billion manats ($12,316 billion).

The budget deficit is expected to be at the level of 1.673 million manats ($ 1.109 million) which stands for 2.9 percent of the GDP. The forecast is based on an average oil price which amounts to 25 USD a barrel.

The official exchange rate of the Azerbaijani manat against the US dollar was set at 1.5114 manats for June 10.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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