Azerbaijan, Baku, Dec. 22 / Trend N.Ismayilova /
Azerbaijan's 2010 state budget was approved with a deficit limit of 1.249 billion manat.
Four sources are provided to finance the budget deficit, via revenues from state property privatization and domestic and foreign loans.
Under the law "On the 2010 Public Budget," forecasts on public budget revenues amount to 10.015 billion manat (31.5 percent of GDP), including a centralized income of 9.552 billion manat, local revenues of 462.98 million manat and expenses of 11.264 billion manat, including centralized expenditures of 10.069 billion manat and local expenditures of 1.194 billion manat.
The minimum income limit to budget revenues from state agencies and companies approved by the Tax Ministry amounts to 3.98 billion manat. Profit tax from contractors on oil and gas production contracts amounts to 330 million manat, taxes consolidated by the Azerbaijan state oil company - 1.2 billion manat, tax and non-tax revenues from the non-oil sectors - 2.45 billion manat, and the State Customs Committee - 1.1 billion manat.
The maximum limit of consolidated budget expenditures is 12.636 billion manat. The deficit of the consolidated budget, excluding SOFAZ revenues, was approved at 6.714 billion manat.
The forecasts were made taking into account oil prices at $45 per barrel.
On Dec. 22, the official exchange rate is 0.8033 manat to $1.
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