Oil sector to provide 73 percent of Azerbaijan's 2012 public budget
Azerbaijan, Baku, Oct. 11 /Trend, N.Ismayilova/
The share of incomes from the oil sector will be 73.2 percent in Azerbaijan's 2012 state budget, a draft of Azerbaijan's state and consolidated budget for 2012 and three subsequent years, posted on the Finance Ministry's official website on Tuesday says.
State budget revenues for 2012 are projected at 16.4 billion manat, in which the share of revenues from the oil sector accounts for 12 billion manat, and non-oil - 4.4 billion manat. The share of revenues from the non-oil sector is projected at 26.8 percent.
In 2012, transfers from the State Oil Fund of Azerbaijan are expected to be 9.9 billion manat or 60.3 percent of total revenues in the budget. Thus, their value exceeds the amount expected by end of 2011 by 0.7 billion manat or 7.6 percent.
Income tax from legal entities are projected at 10.8 percent of budget revenues, or 1.78 billion manat, where 810 million manat accounts for transfers from contractors under production sharing agreement and joint development of Azeri-Chirag-Gunashli field in Azerbaijani sector of the Caspian Sea.
According to expectations of the Government in 2011, 73.87 percent (11.49 billion manat) will be provided by the incomes from oil and gas sector. The basis of state budget revenues in 2011 will be provided by transfers from the State Oil Fund in amount $9.18 billion manat.
Official exchange rate for Oct. 11 is 0.7869 AZN/USD.