BAKU, Azerbaijan, Dec. 24
By Zeyni Jafarov - Trend:
The revenues of the state budget of Azerbaijan for 2021 will amount to 25.4 billion manat ($14.9 billion), which is 5.4 percent more than in 2020, Vugar Gulmammadov, Chairman of the Chamber of Accounts of Azerbaijan, said, Trend reports.
Gulmammadov made the remark at a meeting of the Parliament of Azerbaijan during discussions on the state budget of Azerbaijan for 2021
According to the chairman, a decrease is envisaged in six types of payments compared to the current year, growth is forecasted for 13 types, income from one source has remained stable.
Gulmammadov also noted the addition of two directions to the sources of income.
“Thus, for the first time in comparison with previous years, other sources related to the non-oil sector - deductions from the profits of the Central Bank of Azerbaijan in the amount of 250 million manat ($147 million) and transfers from the Fund for securing obligations on public debt and guarantees in the amount of 880 million manat ($517.6 million) - are provided as part of the state budget revenues,” he said.
“The extent to which government expenditures are covered by taxes and other mandatory payments collected from the real sector, while the parallel decrease in dependence of expenditures on oil revenues makes the mobilization of all revenues inevitable. International financial organizations have already noted the relevance of revenue mobilization for the medium term and recommended the development of a strategy in this direction,” said the chairman.
“This will ensure a comprehensive increase in revenue inflow, an increase in revenue administration and management of tax policy objectives in a more optimal form, and most importantly, the creation of a financial basis for the implementation of revenue expenditure priorities. This approach makes it possible to smooth out the difference observed in progressive practice on the balance of the consolidated and state budgets,” said the chairman.
Based on this context, the Chamber of Accounts came to the conclusion that the actual indicators of the current year for some types of income have additional potential amid the high-potential macro-generators of 2021, Gulmammadov added.
(1 USD = 1.7 AZN on Dec. 24)
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