Azerbaijan, Baku, May 1/ Trend , I.Khalilova /
To move to a zero balance due to the full reimbursement of foreign investments in the block of Azeri-Chirag-Guneshli, a special commission is working on technical transfer of the assets of the Azerbaijan International Operating Company (AIOC - operator of the field) to State, Deputy Minister of Taxes of Azerbaijan Sahir Mammadkhanov said on May 1.
"Time for the transition to a zero balance was March 2008, but the commission is working on technical transfer," said Mammadkhanov.
To prepare for this process, a working group has been established from the representatives of State Oil Fund, SOCAR and AIOC, who discuss the transfer of assets to the balance of State and activity table after this.
The oil prices in world markets affected acceleration of the reimbursement of the investments. Despite that the date of the zero balance came last year, AIOC and its shareholders continue to pay income taxes. The Deputy Minister said that a new payment mechanism at the level of technical staff was agreed, based on the amortization transfers.
"It was decided that by 2018, they [the shareholders of AIOC] will be paying taxes for a partial payment of the cost of amortization - said Mammadkhanov. - The mechanism already works and companies pay taxes on the difference of income and expenses."
In 2008 the Public budget received 2240.4 million manat profit tax from AIOC. In the first quarter of 2008, AIOC paid 555 million manat to the budget, in the second quarter - 486.9 million manat, in the third - 1107.1 million manat.
The tranches were calculated from the price of oil at $70 per barrel, and therefore, the updated forecasts of budget described revenues in amount 1.55 billion manat. However, due to upward tendencies of oil prices last, the Ministry of Finance expected real income to be 1.75-1.8 billion manat.
In 2009 1.23 billion manat is expected to come to the Public budget in this line.
Official rate on May 1 is 0.8034 AZN/USD
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