Share of non-oil sector revenues in Azerbaijan's state budget increases
BAKU, Azerbaijan, Jan. 15
By Eldar Janashvili – Trend:
The share of non-oil sector revenues of Azerbaijan’s state budget reached 44 percent in 2019, amounting to 10.6 billion manat ($6.2 billion), Trend reports referring to Azerbaijan’s Ministry of Finance on Jan. 15.
"The growth in revenues of non-oil sector amounted to 12 percent or 1.1 billion manat ($647 million) compared to forecast, and by 16.3 percent or 1.4 billion manat ($823.5 million) compared to the budget for 2018. The share of revenues from the non-oil sector increased by about four percentage points,” said the ministry's report.
“Over 30 percent or 7.6 billion manat accounted for the tax authorities. Compared to forecast, the growth in tax revenues amounted to 5 percent or 356 million manat ($209.4 million), and compared to the budget of 2018 - 3.5 percent or 257 million manat ($151.7 million),” the report read.
According to the ministry, the customs authorities provided 4.4 billion manat ($2.5 billion) to the state budget in 2019. The growth in customs revenues exceeded forecast by 19 percent and amounted to 706 million manat ($415.2 million) and increased by 28 percent or 974.5 million manat ($573.2 million) compared to the budget for 2018.
Transfer of Azerbaijan’s State Oil Fund to the state budget amounted to 11.3 billion manats ($6.6 billion).
“Organizations funded from the state budget transferred 590.1 million manat ($347.1 million) to the budget. Revenues from other sources amounted to 164.5 million manat ($96.7 million),” the ministry said.
State budget revenues amounted to 24.2 billion manat ($14.2 billion) last year, exceeding the forecast by 1 billion manat ($588.2 million) or 7.5 percent.
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