Tax authorities over-fulfill forecast on transfers to Azerbaijan's state budget by 20 percent

Azerbaijan, Baku, June 10 / Trend N.Ismayilova I.Khalilova /

The Azerbaijani Taxes Ministry overfulfilled the forecast on transfers to the state budget by 20 percent in the first five months of 2011, Ministry's Special Tax Service Department head Zaur Fatizade said.

"The ministry has ensured the execution of projections on tax revenues in the oil and non-oil sector. The non-oil sector tax payments to the state budget for January-May amounted to 1.191 billion manat, which is 20.9 percent higher than forecasted," Fatizade said.

Based on amendments to the 2011 state budget, the Taxes Ministry forecasts increased by 740 million manat and reached 5.160 billion manat in 2011. Some 450 million manat of the additional revenue will come from the Azerbaijan International Operating Consortium (AIOC), and 180 million manat from the State Oil Company of the Azerbaijan Republic (SOCAR).

As part of the corrections for the 2011 budget forecast, the target of income tax transfers for the operator of the Azerbaijani Azeri-Chirag-Guneshli fields producing Azeri Light, AIOC, increased from 600 million manat to 1.050 billion manat. The figure for SOCAR has increased from 1.080 billion manat to 1.260 billion manat.

"AIOC has ensured transfers worth 643 million manat with the next regular payment expected in July. Additional income will be dependent on oil prices, which today averages around $100, as there is a usual tendency for prices to lower during the summer," Fatizade said.

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