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Azerbaijan reveals forecast for 2019 budget (UPDATE)

Business Materials 23 October 2018 19:42 (UTC +04:00)
The revenues of the 2019 state budget of Azerbaijan are projected at 22.917 billion manats.

Details added (first version posted at 15:59)

Baku, Azerbaijan, Oct. 23

By Ilkin Shafiyev - Trend:

The revenues of the 2019 state budget of Azerbaijan are projected at 22.917 billion manats, including centralized revenues at 22.18 billion manats and local revenues at 736.766 million manats, while the expenses are expected at 24.78 billion manats, including centralized expenses at 23.939 billion manats and local expenses at 840.812 million manats.

The draft law on the 2019 state budget and the concept of social and economic development for 2019 and the next three years were presented for discussion to the Parliament of Azerbaijan.

The forecast for the oil price, indicated in the 2019 state budget for calculating oil revenues, is $60 per barrel. This price is based on the expectations of international financial organizations, which predict the oil price at $60-70 per barrel in 2019, and other global factors.

Some 59.8 percent of the forecast state budget revenues or 13.7 billion manats will account for the oil sector, and 40.2 percent or 9.217 billion manats will account for the non-oil sector.

In the forecast state budget revenues, 31.9 percent or 7.316 billion manats account for revenues from the Ministry of Taxes, 49.6 percent or 11.364 billion manats - for transfers from the State Oil Fund, 15.1 percent or 3.451 billion manats - for revenues from the State Customs Committee, 3.4 percent or 785.6 million manats - for other revenues.

Revenues from VAT are projected at 4.097 billion manats (including 2.294 billion manats from VAT on imported goods), from income tax - at 2.670 billion manats, from personal income tax - at 880 million manats, from excise tax - at 927 million manats (including 325 million manats from excise taxes on imported goods), from customs duties - at 801 million manats, from simplified tax - at 322 million manats, from tax on the subsoil use - at 133 million manats, from road tax - at 82 million manats.

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Follow the author on Twitter: @IlkinShafiyev

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