Azerbaijan’s consolidated budget deficit for 2011 approved at 8.7 billion manat
Azerbaijan, Baku, Nov. 26 / Trend N. Ismayilova /
Azerbaijani President Ilham Aliyev approved a Draft on State Budget for 2011 with a consolidated budget deficit in the amount of 8.705 million manat [excluding revenues of the State Oil Fund of Azerbaijan (SOFAZ)], AzerTAj state news agency reports.
Budget revenues were approved in the amount of 12.061 million manat (centralized revenues - 11,613,958.2 manat and the local - 447,041.8 manat), expenses - 12.748 million manat (centralized expenses - 11,439,980 manat, the local expenses - 1,308,020 million).
Income through the Ministry of Taxes was determined at 4.420 million manat, including deductions for income tax of contractual companies working in the oil and gas PSA agreements, 600 million manat, the consolidated tax and other payments (excluding income tax) through SOCAR in the amount of 1.080 million manat, tax and non-tax deductions from non-oil sector in the amount of 2.740 million manat. Forecast for the State Customs Committee is set at 1.120 million manat.
The main income sources are defined revenues on value added tax (VAT) (2.121 million manat), income tax from legal entities (1.210 million manat), income tax from individuals (690 million manat), excise tax (495 million manat), mineral resource rent tax (129 million manat), property tax (102 million manat), simplified tax (95 million manat), road tax (36 million manat), land tax (35 million manat). Revenues from the collection of customs duties and taxes are forecasted at 215 million manat, state fees - 85 million manat, transfers from the SOFAZ - 6.480 million manat.
Total expenses on public service are forecasted at 1142.6 million manat, including the costs for maintenance of the legislative and executive bodies and local self-government authorities - 321.34 million manat, cost for maintenance of defense - 1.325 million manat, for the maintenance of judicial, law enforcement bodies and prosecutors' offices - 712.89 million manat, education - 1.338.54 million manat, health - 546.12 million manat, social protection and social security - 1324.1 million manat, art and culture - 202.35 million manat, communal and housing - 227.68 million manat, agriculture, fishery, forestry, hunting and environmental protection - 448.03 million manat, industrial and construction sectors - 3.396 million manat, transport and communications - 64.6 million manat, commercial activity - 112.89 million manat.
The official rate is 0.8 manat to $1 Nov.27.