According to data by the Azerbaijan Ministry of Finances, in January-September 2006 the profit tax remittances by the Azerbaijan International Operating Company (AIOC, an operator of the Azeri-Chirag-Gunashli fields) to the public budget made up 972mln manats, Trend reports. The Ministry informed that big share of remittances fell on the third quarter due to high oil prices (over $70 per barrel) and exceeded 400mln manats.
In 2006 revenues from the contractor companies are expected to comprise 600mln manats ($667mln), while they exceeded the forecasts of 3 quarters of the year due to high oil prices. The profit tax revenues are carried out quarterly.
With respect to avoid rise in inflation, the International Monetary Fund proposed the government to transfer the oil revenues to the State Oil Fund of Azerbaijan (SOFAR). However, this proposal was not backed in the Azerbaijan Government and profit tax remittances by oil companies will be transferred to the public budget.
Рњeanwhile, in accordance with the agreement signed between the SOFAR and the Azerbaijan Finances Ministry on 11 August, the currency remittances are given to the Oil Fund for Management.