GOVвЂ™T TO SUBMIT DRAFT 2006 PUBLIC BUDGET TO PRESIDENTвЂ™S APPARAT AS SCHEDULED
The Cabinet of Ministers plans to consider and submit a 2006 draft public budget to the PresidentвЂ™s Executive Power on 25 September. The Cabinet of Ministers expects to catch the schedule established before.
The document will be considered in a broad meeting of the Cabinet of Ministers to be held this week under chairmanship of Prime Minister Artur Rasizada.
The Finances Ministry proposed the 2006 public budget with the deficit of 790bn manats. It is planned to cover the deficit at the expense of T-bills in the amount of 500bn manats, incomes to be obtained from the privatization in the amount of 200bn manats and use of the first credit under the PRSC program of the World Bank in the amount of 90bn manats.
The public budget revenues in 2006 will increase 50% as compared to 2005 and comprise 15.5trln manats or $3.4bn. 57.7% of the public budget revenues will be covered at the expense of revenues of the tax Ministry, 37.1% - at the expense of the remittances from the State Customs Committee. Transfers by the State Oil Fund of Azerbaijan will comprise some $300m in 2006. The income taxes collected from the physical people made up 39.6%, profit taxes вЂ" 50%, property tax вЂ" 40%, the VAT вЂ" 27.5%.
The public budget expenses comprise 16.3trln manats or $3.5bn. The figure grew 49.3%, with priority directions of financing the education, health and defense.
The public budget is expected to be put for consideration on 5-10 October 2005.