BAKU, Azerbaijan, May 20
By Eldar Janashvili – Trend:
The revenues to state budget in Azerbaijan amounted to nearly 24.2 billion manat ($14.2 billion) in 2019 compared to the forecast of over 23.1 billion manat (13.6 billion), Trend reports on May 20 referring to the report of the country’s Ministry of Finance on budget execution in 2019.
The share of state budget revenues in GDP in 2019 amounted to 29.6 percent, which is 1.4 percent more than in 2018.
Over 7.6 million manat ($4.5 million) and 31.7 percent of the state budget income accounted for revenues through the State Tax Service of the Ministry of Economy, 4.4 billion manat ($2.5 billion) or 18.2 percent through Azerbaijan’s State Customs Committee, 11.3 billion manat ($6.6 billion) through the State Oil Fund of Azerbaijan (SOFAZ), and 772.9 million ($454.6 million) or 3.2 percent through other sources.
Income of the state budget in 2019, excluding revenues from SOFAZ to the state budget, amounted to 12.8 billion manat ($7.5 billion), which is 1.3 billion manat ($760 million) or 11.3 percent more than in 2018.
The revenues to the state budget through the non-oil sector in 2019 amounted to 10.6 billion manat ($6.2 billion), which is 1.5 billion manat ($882 million) or 16.5 percent more than in 2018.
Revenues to the state budget income through the oil sector in 2019 made up 13.6 billion manat ($8 billion), which is 204.1 million manat ($120.06 million) or 1.5 percent more than in 2018. In 2019, revenues through the State Tax Service amounted to over 7.6 million manat ($4.5 million), which is 356.3 million manat (4.9 percent) more than the forecast of over 7.3 billion manat ($4.3 billion) and 256.8 million manat ($151 million) or 3.5 percent more than in 2018.
Some 5.4 billion manat ($3.2 billion) or 70.8 percent of the revenues to the state budget through the State Tax Service fell on the non-oil sector, and over 2.2 billion manat ($1.3 billion) or 29.2 percent - on the oil sector.
Slightly over 1.4 billion manat ($830 million) or 62.9 percent of revenues through the oil sector accounted for the State Oil Company of Azerbaijan, and 831 million manat ($488.8 million) or 37.1 percent of contracting organizations operating under oil and gas production sharing agreements.