Azerbaijan, Baku /corr. Trend I.Khalilova / Azerbaijan's Deputy Minister of Finance, Azer Bayramov, said that on 25 September the project of 2008 State budget of Azerbaijan was recommended to be sent to the Presidential Administration for consideration by the State Head.
Presided by the Prime Minister of Azerbaijan, Artur Rasizade, on 25 September discussions took place at the Cabinet of Ministers with regards to the 2008 budget forecasts.
"The budget forecasts were adopted by all Governmental members unanimously and without change. The document was sent to the President of the Country for consideration," Bayramov said.
The budget revenues were planned in the amount of AZN 7.382bln, an increase of 27.9% compared to 2007. A large part of the budget revenue is from the Ministry of Taxes, forecasts for which have been defined in the amount of AZN 5bln. A large part of the growth (42.8%) has been envisaged in line with non-oil sector of the economy while oil revenues increased by nearly 17%.
The forecasts for collection of customs duties and taxes in line with the State Customs Committee have been planned in the amount of AZN 1.1bln, an increase of 42.9%.
Expenditure of the State budget has been forecast at nearly AZN 8bln. The deficit of the budget has been forecasted taking into account its defrayal at the expense of the remains from the 2007 State budget and remainder from the exchequer account.
According to the amended forecasts of the 2007 State budget, its revenues have been forecast in amount of AZN 5.771bln and expenditure - AZN 6.315bln. Revenue of the free budget is expected in the amount of AZN 7.531bln and expenditures - AZN 7.976bln.