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AZERLOTEREYA STARTS PAYMENT OF DIVIDENDS TO PUBLIC BUDGET

Business Materials 18 August 2005 17:18 (UTC +04:00)

Azerlotereya joint-stock company (JSC) started payment of dividends to the state-own budget under the law �On introduction of supplements to the law �On 2005 Public Budget’. The chairman of the Board of Azerlotereya, Jamil Sultanov, said in July the public budget revenues made up 12bn AzM.

"According to the schedule accorded with the Ministry of Finances, the rest payments would be introduced to the budget in November-December after completion of the existing agreements," Sultanov said.

Pursuant to the law, JSC is allocate 30bn AzM ($6.4m) to the budget including 27bn AzM in dividends for past years and 3bn AzM from the supposed income for 2005.

In the first half of 2005, turnover of Azerlotereya exceeded 100 bn AzM. Payments of dividends do not include payments of the calculated taxes by the OJSC.

Charges in the account of the dividends of Azerlotereya will make 0.29% of income part of the state budget for 2005 (10222 bn AzM).

"In future, payments of dividends would be continued as the state-own bodies interested in appraisal of profitability of the company in 2006-2009," Sultanov said.

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