An increase at about 50 percent is expected in allocations to the State Budget by the Taxes Ministry. This showing was determined ion the basis of economic planning, Fazil Mammadov, Azerbaijan`s Taxes minister told, Trend reports.
According to him, the increase in the allocations is linked with the development of both the oil and non-oil sector of the economy of the country. In addition, starting from this year, the profits tax payment of the parties to AIOC (Azerbaijan International Operating Company) has commenced. Therefore, problems with the budget execution are not expected to take place.
State Budget 2007 will determined as a tense, difficult, but quite possible to be executed, pointed out Mr. Mammadov.
GDP in State Budget 2007 is forecasted at the level of 22.2 b. AZN. Its real increase will exceed 26.3 percent. The volume of GDP per capita will reach 2600 AZN, with the average salary of 195.1 AZN. The budget forecasts were made on the basis of the price of one barrel of crude at the level of $50.
The tax privileges are expected to minimize as much as possible in 2007. The increase in the tax collection in the non-oil sector of the economy, as well as the first increase in the tax collection in the regions is expected to be fulfilled as well. That will become possible because of the recently observed acceleration of their development.
The incomes to State Budget 2007 are expected to increase in 6.8 times versus 2001, and will reach 5.336 m. AZN (or 24 per cent of the total volume of GDP). The expenses from State Budget 2007 will increase on 5.715 m. AZN (or 25.7 per cent out of GDP).