Government of Azerbaijan Expects Decrease of Tax Transfers from AIOC in 2008

Oil&Gas Materials 26 September 2007 17:00 (UTC +04:00)

Azerbaijan, Baku /corr. Trend I.Khalilova / The Government of Azerbaijan expects a decrease of transfers on profit tax from the International Operating Company (AIOC) in 2008, which will exceed AZN 1bln compared to the AZN 1.5bln in 2007, a Government source stated.

The decrease of the forecasts is linked with the changes in sharing oil revenues between the Government of Azerbaijan and foreign contractor companies in 2008.

The transfers to the State budget of Azerbaijan in the half year as profit tax within PSA amounted to AZN 1.109bln while the figure made up AZN 1.217bln in 2006. The average oil price in 2006 totaled $59.7 per barrel.