Azerbaijan's state budget surplus increases 17 times

Business Materials 10 March 2015 08:22 (UTC +04:00)

Baku, Azerbaijan, Mar.6

By Elyaz Shafiyev - Trend:

In January 2015, actual revenues to the state budget of Azerbaijan totaled 1.684,8 million mantas (AZN) (46.1 percent of GDP), or 3.8 percent less compared to the same period of last year, the Azerbaijani government told Trend March 6.

The official exchange rate is 1.0494 AZN/USD Mar.6.

State budget expenditures decreased by 26.8 percent and amounted to 1.263,2 million manats (34.8 percent of GDP). The budget surplus for January 2015 amounted to 421.6 million manats or 11.6 percent of GDP. It increased by 16.9 times compared to the same period last year.

In the structure of revenues, 40.7 percent (685.9 million manats) were ensured through the Ministry of Taxes. Revenues from customs duties and taxes totaled 103.7 million manats (with a weight of 6.2 percent), through other sources - 895.2 million manats (53.1 percent). Tax collections decreased by 12.1 percent (94.5 million manats), customs charges increased by 6.6 percent (6.4 million manats), and revenue from other sources increased by 2.4 percent (21.2 million manats).

During the reporting period, some 235.1 million manats were transferred to the state budget from the value added tax, which is 14 percent of total income, profit taxes totaled 295.4 million manats (17.5 percent), income tax - 75.6 million manats (4.5 percent), excise tax - 58.9 million manats (3.5 percent), property tax - 12.8 million manats (0.8 percent), land tax - 3.7 million manats (0.2 percent), tax on mineral resources - 10.3 million manats (0.6 percent), taxes on foreign economic activity - 49 million manats (2.9 percent).

Some 202.7 million manats (with a weight of 16 percent) from the budget were spent for social security and protection of the population, 31.8 million manats (2.5 percent) - for education, 6.6 million manats (0.5 percent) - health care, 30.5 million manats (2.4 percent) - maintenance of the prosecution, security, law enforcement, judicial bodies, 812.8 million manats (64.4 percent) - investments in the economy.

Around 19.2 percent (243 million manats) of public expenditure were spent on payment of salaries, pensions and benefits.

Revenues of the state budget for 2015 were estimated at 19.438 billion manats, expenses - 21.1 billion manats. Budget forecasts were formed at an oil price of $90 per barrel.

Edited by CN