Azerbaijan President Ilham Aliyev approved a Bill On State Budget 2007, which is to be put into effect starting from January 1, 2007, Trend reports.
According to the Budget 2007 its revenues are expected to be at the arte of 5335,7 mln. AZN (including centralized 5169,174 mln. AZN). Its expenditures are expected to reach 5714,7 mln. AZN (4986,595 mln. AZN). The budgeted deficit will reach 379 mln. AZN. At the same time, three sources to cover the deficit have been determined at the expense of the privatization, issue of the state securities, and the placement of Eurobonds.
3,980 mln. AZN in the structure of the profitable part of the State Budget are to be ensured within the Taxes Ministry of the Country, 630 mln. AZN within the State Customs Committee. Allotments on the profits tax is forecasted at the level of 2,095 mln. AZN, VAT -1,4 bln. AZN (990 mln. AZN from VAT are expected to be collected by the Taxes Ministry), the income tax - 550 mln. AZN
Transfers from the State Oil Fund AZN 585 mln. The State budget has allocated AZN 114 mln for the formation of the Reserve Fund of the President, AZN 253,397 mln Reserve Fund used according to the order of the Cabinet of Ministers, and AZN 139, 397 mln for the Reserve Fund of the State Budget. For the first time, the Budget Fund was formed for the next year in amount of AZN 98 mln, which is intended for the Transport Ministry for the reconstruction of the automobile roads. AZN 733,190 mln have been allocated for the education, and AZN 528,446 for the social protection. AZN 528,446 mln have been allocated to the state investment, and AZN 1569 mln for the development of the industry and social activities. The expenditures on the defense were increased up to AZN 796, 841 mln.