BAKU, Azerbaijan, Aug. 11
By Zeyni Jafarov - Trend:
Oil revenues of the State Budget of Azerbaijan decreased by 13.5 percent, or 917.9 million manat ($539.9 million) in the first half of 2021 compared to the same period of 2020, Trend reports citing the Ministry of Finance of Azerbaijan.
According to the ministry, the oil revenues of the State Budget of Azerbaijan, which amounted to 5.86 billion manat, were executed by 15.1 percent or 1.04 billion manat ($611.7 million) less than the forecast.
“Through the State Tax Service, 583.1 million manat or $343 million (9.9 percent of total oil revenues to the budget) came to the state budget from the profit tax of the Azerbaijan International Operating Company (AIOC), from the State Oil Company (SOCAR) - 583.6 million manat or $343.3 million (10 percent). Transfers from the State Oil Fund (SOFAZ) amounted to 4.69 billion manat ($2.75 billion), or 80.1 percent of total oil revenues,” the report said.
Income from the oil sector in the first half of 2021 compared to the corresponding period last year was lower in February and March.
The revenues of the State Budget of Azerbaijan in the first half of the year amounted to 11.7 billion manat ($6.88 billion), expenses - 11.5 billion manat ($6.76 billion). Thus, the state budget in the first half of the year was executed with a surplus of 164.5 million manat ($96.7 million), or 0.4 percent of GDP.
---
Follow the author on Twitter: @jafarov_zeyni