AIOC STARTS PROFIT TAX TRANSFER TO PUBLIC BUDGET
The Azerbaijan International Operating Company (AIOC), the biggest oil producer in Azerbaijan under PSAs, will start profit tax payment to the public starting from 2006.
The Cabinet of Ministers told Trend with consideration forecast export oil prices for $35 per barrel in average for future year, the profit tax remittances by the AIOC will comprise some $200m.
"If actual amount of world oil prices turns out lower, the profit tax remittances by the AIOC will increase respectively," the Cabinet of Ministers said.
The forecast oil prices in the 2006 public budget can be set as $35-40 per barrel. As of preliminary forecasts for 2006, AIOC outputs over 20 million tons of oil a year.