Tax Remittances from Oil Sector Grow by 3% in 2008
Azerbaijan, Baku / corr Trend I.Khalilova / The Azerbaijani Government kept the oil prices in the amount of $50 per barrel while compiling the budget forecast in 2008, as in 2007, the Finance Ministry said on 26 September.
In 2008 the tax remittances from the oil sector are expected to comprise AZN 2.73bln, which is an increase of 3%. Total incomes of the public budget will rise by 27.9% to AZN 7.383bln. Samir Sharifov, the Azerbaijani Finance Ministry said at a government meeting which focused on the 2008 public budget that while devising the public budget incomes and expenses the major attention was given to the continuing development of the oil sector. Growth here is expected to rise by 42.8% to AZN 2.27bln.
Transfers from the State Oil Fund of Azerbaijan are planned in the amount AZN 1.1bln.
In accordance with the microeconomic forecasts developed by the Ministry of Economic Development for 2008, the increase of the oil sector is predicted to be by 26%.