Non-oil sector offsets lower tax revenues from oil sector: deputy minister (UPDATE)
Details added (first version posted on 18:25)
Baku, Azerbaijan, Nov. 17
By Azad Hasanli - Trend:
In the January-October 2015 period, income tax payments from the Azerbaijan International Operating Company fell short of projections by 104 million manats, Azerbaijani First Deputy Minister of Taxes Natig Amirov told a press conference on Nov.17.
He said revenues had been forecast to reach 800 million manats, but due to falling oil prices, the oil companies' revenues had declined, resulting in total income tax of 696 million manats from the consortium.
The reduced income from the oil sector was offset by increased revenues from the non-oil sector, which exceeded the forecast by 136 million manats. "This made it possible to meet projections of tax revenues in the state budget," remarked the deputy minister.
He said that the most difficult period is over.
"We were very concerned about how much the oil revenues from the consortia would amount," he said. "We are very pleased that the deficit was only 104 million manat. I hope that in the remaining two months, we will fulfill our commitments and completely execute the forecast on the budget."
The state budget revenues in the amount of 7.12 billion manat, or 36.6 percent of total revenues are forecasted in Azerbaijan through the Ministry of Taxes in 2015.
Some 4.81 billion manat, or 67.7 percent will account for the revenues from the non-oil sector.
The revenues from the oil sector are projected at 2.3 billion manat (with 32.3 percent of tax revenues).
Thus, 33 percent of a total volume of tax fees will account for the value added tax, income tax - 31 percent, income tax proceeds - 13.8 percent, excise taxes - 8 percent, other taxes - 14.2 percent, the report said.
The income of the state budget for 2015 for the ministry is set in the amount of 19.438 billion manat, expenses - 21.1 billion manat. Budget forecasts are formed at an oil price of $90 per barrel.