Azeri Parliament Confirmed Forecasts of 2007 State Budget

Azeri Parliament Confirmed Forecasts of 2007 State Budget

On November 28, the Azerbaijani Parliament adopted the project of the 2007 state Budget. It was adopted with 95 votes (3 votes against), Trendreports.

The Finance Minister of Azerbaijan Samir Sharifov informed the guests about the changes in the budget forecasts.

Generally the revenue part of the budget was confirmed in amount of AZN 5 bln 336 mln, an increase of AZN 1,5 bln from 2006. 56% of revenues of Azerbaijan will be ensured at the expense of the oil sector.

In 2007 the GDP of Azerbaijan is expected in amount of AZN 22,2 bln, and the growth of the gross products in oil sector equals to nearly 45% and in non-oil sector 9%.

In 2007 the growth of the budget revenues will be ensured at the expense of strengthening the control on the collection of indirect taxes and modernizing the system of their calculation and expanding the sphere of the simplified taxes. Particularly collection of taxes is expected in the regions of country. The incomes for revenue tax will increase by 76%, simplified tax - 69,6%, land tax - 48,3%, profit tax 38,4%, excise - 30,5%, VAT 29,2%.

The Taxes Ministry will ensure the collection of taxes and duties in amount of AZN 3,98 bln or 74,6% of all revenues. The customs bodies will ensure 11,8% of all budget incomes or AZN 630 mln. The remaining part will be made by other organizations. The expenditure part of the state budget was confirmed in amount of AZN 5714,7 mln. The social expenditures of the state budget totaled AZN 2163,4 mln or 37,9% of all revenues, with an increase of 47%. The increase of expenditures for the health amounted to 47,5%, education 47,2%, science 8,1%, social protection and social provision 37,7%, .

The Government plans to increase the pensions, social allowances, minimal size of the labor payment and salaries of the state workers. It is planned to direct AZN 676,5 mln to these goals. Within the budget of next year, it is planned to reach the minimal size of the salary and base part of the pension to AZN 50.

In addition, the expenditure part of the budget has allocated AZN 80 mln for National Fund for Entrepreneurship Development and AZN 20 mln for the Mortgage Fund.

The expenditures on defense are planned to be increased by 27,9% to AZN 906,5 mln, modernization of court system AZN 6,7 mln, development of the mortgage AZN 20 mln, and recovery of the enterprises for the privatization and involvement of consultants AZN 15,2 mln.

Only change took place in the Reserve Fund of the Government, the amount of which was decreased by AZN 64,5 mln from the previously allocated AZN 203 mln. The deficit of the 2007 state budget is forecasted at the level of AZN 379 mln or 1,7% of the GPD. It will be covered at the expense of the revenues from the privatization (AZN 50 mln) and placement of the state stocks abroad (AZN 329 mln).

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