Azerbaijan's parliament submits 2018 state budget to government for finalization

Azerbaijan's parliament submits 2018 state budget to government for finalization

Baku, Azerbaijan, Nov. 23

By Anvar Mammadov – Trend:

The Parliament of Azerbaijan submitted the 2018 draft state budget to the government to finalize it before December 1 taking into account the suggestions and comments of the MPs.

Speaker of the Parliament Ogtay Asadov announced about this during discussion on the budget package at a plenary session of the Parliament.

Revenues of the Azerbaijani state budget for 2018 are forecasted to stand at 20.127 billion manats (including centralized incomes – 19.476 billion manats, local – 650.671 million manats), expenditures – 20.905 billion manats (including centralized expenses – 20.182 billion manats, local – 724.092 million manats).

The deficit of the Azerbaijani state budget for 2018 is forecasted to total 778.7 million manats or 1.1 percent of GDP.

The following sources of financing were identified in order to cover the deficit of the state budget: as of January 1, 2018, internal and external loans and balance on a single treasury account totaling 749.7 million manats, grants of the European Union – 29 million manats.

The upper limit of expenses of the consolidated budget is forecast in the amount of 26.674 billion manats, while the deficit of the consolidated budget (excluding the revenues of the State Oil Fund – SOFAZ) is expected to total 14.127 bililon manats.

About 9.216 billion manats out of revenues of the state budget account for SOFAZ transfers. Revenues from the value added tax (VAT) are forecast in the amount of 4.288 billion manats (including 1.705 billion manats on VAT from imported goods), revenues from income tax – 2.320 billion manats, revenues from individual income tax – 1.196 billion manats, revenues from excise tax – 726 million manats (including 172 million manats from excise tax on goods import), revenues from customs revenues – 535 million manats, revenues from simplified tax – 380 million manats, revenues from subsoil use tax – 136 million manats, revenues from highway use tax – 91 million manats.

Non-budgetary revenues of budget organizations are forecast at 460 million manats. Other revenues are expected to total 27.991 million manats.

In the structure of expenditures of 2018, it is planned to allocate 2.739 billion manats for defense, two billion manats – for education, 740.661 million manats for healthcare, 2.197 billion manats – for social protection and social security (including 2.163 billion manats for social protection), state capital investments – 4.924 billion manats and others.

Budget forecasts are formed on the basis of oil prices at $45 per barrel.

Revenues of Azerbaijan’s state budget have been approved in the amount of 16.766 billion manats, expenses – 17.941 billion manats for 2017.

(1.7002 AZN = 1 USD on Nov. 23)

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