Azerbaijan Parliament Adopts Amendments to 2007 State Budget
Azerbaijan, Baku / corr. Trend I.Khalilova / The plenary meeting of the Azerbaijani Parliament on 25 May confirmed amendments to the 2007 State budget. The amendments were presented by the Chairman of the Permanent Parliamentary Commission on Economic Policy, Ziyad Samadzade. According to him, the necessity of making amendments to the budget forecasts came as a result of the January decision of the Tariff Council of Azerbaijan and Presidential decree supporting social sector, agriculture, realization of the investment projects. In addition, a favorable macro-economic situation has been observed in the last four months and it led to the increase of the budget incomes exceeding the forecasts.
According to the project, the forecasts over the budget incomes have been additionally increased by AZN 435.2 mln and as a result, the 2007 State budget incomes of Azerbaijan will amount to AZN 5 bln 770.9 mln.
The Taxes Ministry should ensure AZN 260 mln of the additional incomes and State Customs Committee - AZN 140 mln. In addition, AZN 12 mln will be received as revenues from management of the treasury finances, AZN 15.9 mln - off-budget revenues of budget organizations, AZN 7.3 mln - other revenues.
According to Samadzade, the budget incomes will increase as a result of additional transfers due to the increase of the prices for the energy resources and opening of new workplaces.
The Minister of Finances, Samir Sharifov, said that as a result of the amendments, the forecasts over the tax collections were increased up to AZN 4.34 bln and custom duties and tariffs - AZN 770 mln.
In addition, the budget incomes from the oil sector will increase due to the strengthening of the activities of the excise posts. As a result of the amendments, the budget expenditures will increase by AZN 600.2 mln, AZN 190,7 of which will be directed towards financing current budget expenditures and AZN 409.5 mln - capital expenditures.
Nearly 56.9% of the budget expenditures (AZN 3.591 mln) will be directed towards current expenditures, 42.4% (AZN 2.68 bln) - capital expenditures and remaining part - other goals.