Azerbaijan's State Service for Property Issues unveils amount of transfers to state budget

Business Materials 20 January 2021 13:06 (UTC +04:00)
Azerbaijan's State Service for Property Issues unveils amount of transfers to state budget

BAKU, Azerbaijan, Jan. 20

By Zeyni Jafarov - Trend:

The vast opportunities created by the State Service for Property Issues under the Azerbaijani Ministry of Economy for participation of citizens in the privatization of public property are aimed at accelerating the process and attracting investments, Trend reports referring to the service.

According to the service, in 2020, due to the spread of the COVID-19 pandemic, some restrictions arose in the privatization of state property in the country. So, in March, privatization auctions were suspended, and in August they resumed.

During 2020, 47 auctions had been held, at which share packages of 5 joint-stock companies, 24 small public enterprises, 2 non-residential premises, 3 unfinished buildings and 100 vehicles were privatized.

The introduction of innovations and electronic solutions and, thus, further simplification of procedures led to an increase in the efficiency and satisfaction of Azerbaijani citizens with the privatization process. In 2020, 53 electronic orders were accepted for the state property put up for auction and 5 public property facilities were privatized through the ‘Electronic auction’ service.

As the service noted, in the past year, 258 contracts for the lease of non-residential premises were concluded and the term of 320 lease contracts was extended. Some 160 agreements were concluded on renting land plots, on which the enterprises and facilities are located, and the term for 4 of them was extended.

Revenues of the state budget of Azerbaijan from privatization in 2020 made up 61.5 million manat ($36.2 million), and the annual forecast was fulfilled by 99.2 percent. Some 10.3 million manat ($6 million) was transferred to the budget for renting public property, and thus the annual forecast was fulfilled by 128.8 percent.

As a result, in 2020, 71.8 million manat ($42.2 million) was received from the privatization and renting of public property to the state budget, and the annual forecast was fulfilled by 102.6 percent. Besides, according to the Azerbaijani president’s decree dated March 19, 2020 and the Cabinet of Ministers’ decree dated April 4, 2020, entrepreneurs were provided with benefits worth 1.35 million manat ($790,000) under concluded agreements related to the renting of public property.

(1 USD = 1.7 AZN on Jan.20)


Follow the author on Twitter: @jafarov_zeyni