Azerbaijan’s President Ilham Aliyev signed a decree, enforcing the introduction of addenda and alteration to the law on the 2005 state budget of the Azerbaijan Republic.
The changes met with approval among members of Milli Majlis (parliament) at a parliamentary session in June.
The decree approves an increment of 800 billion manats (170 million U.S. dollars) in budget revenues, mainly through the jump in remittances from the Ministry of Taxes, the State Customs Committee, and the state-run lottery company Azarlotereya.
Hence the budget revenues are expected to reach 10.222 trillion manats (2.175 billion U.S. dollars) from the originally forecasted figure of 9.422 trillion manats (2.005 billion U.S. dollars).
In accordance with the decree, the Ministry of Taxes will make the remittance of an additional collection of 470 billion manats (100 million U.S. dollars) in income and profit taxes.
The Customs Committee will guarantee вЂ" to excess of the original target вЂ" an extra collection of 300 billion manats (63.8 million U.S. dollars) in VAT, excise and duties, with the remaining 30 billion manats (6.4 million U.S. dollars) to be provided by Azarlotereya.
Meanwhile, budget expenditures have been approved at 11.016 trillion manats (2.344 billion U.S. dollars), up 1.015 trillion manats (216 million U.S. dollars) from the originally accepted figure of 10.001 trillion manats (2.128 billion U.S. dollars).
An incremental rise of budget gap in the amount of 215 billion manats (45.7 million U.S. dollars) will be counterbalanced by the issue of 115 billion manats (24.5 million U.S. dollars) of T-bills, and an additional transfer of 100 billion manats (21.2 million U.S. dollars) in privatization receipts.