Weight of Tax Returns to State Budget Increased in 2006

Business Materials 23 January 2007 20:01 (UTC +04:00)

The forecast on tax returns to the State Budget in 2006 was fulfilled by 103,3%, and instead of 2,631 bln. AZN (forecasted), the Azerbaijan Taxes Ministry allocated 2,717 bln. AZN to the State Treasury, Trendreports. Fazil Mamadov, Azerbaijan Finance Minister, said during the meeting of the Azerbaijan Cabinet of Ministers under the chairmanship of President Ilham Aliyev, which was dedicated to the social and economic results of 2006 and forthcoming tasks for 2007, that in comparison with 2005, the tax returns in 2006 increased by 1,289 bln. AZN or by 90,3%.

The weight of tax returns to the State Budget increased in 2006 as well. If this figure in 2005 was 69,5%, in 2006, it grew up to 70,8%. The weight of tax collections in GDP, increased by 3 points, and was brought up to 15%.

The returns to the State Budget from the oil sector in 2006 were 1,674 bln. AZN, thereby fulfilling the forecast by 108%. This growth is also explained by the fact that profit tax allotments have been sent by the subcontractors of PSA on the joint development and operation of the deep-water section of bloc of fields, Azeri-Chiragh-Gunashli (ACG). In 2006, the subcontractors sent totally 972,9 mln. AZN to the Budget of the Country.

The tax collections within the state-controlled sector in 2006 increased by 25,9%.