Azerbaijani parliament sets criterion of need for 2017
The Azerbaijani Parliament passed the bill "On the Criterion of Need for 2017" at a plenary session. The criterion of need, used to set the amount of targeted social assistance, will amount to 116 manats in 2017.
Azerbaijani parliament passes bill on cost of living for 2017
The Azerbaijani parliament passed the bill on "Cost of living for 2017" at the plenary session. According to the bill, the cost of living is projected in the amount of 155 manats in Azerbaijan for 2017, which is 13.97 percent more than in 2016. The amount of cost of living will reach 164.5 manats for the working-age population, 130.2 manats for pensioners, 136.6 manats for children in the main socio-demographic groups of the population.
Azerbaijani parliament adopts state budget for 2017
The Azerbaijani parliament adopted draft state budget for 2017 during its plenary session.
According to the document, revenues of the state budget are forecasted at the level of 16.255 billion manats (including centralized income – 15,634,706,000 manats, local income – 620,294,000 manats) for 2017, expenditures – 16.9 billion manats (including centralized income – 16,211,286,000 manats and local income – 688,714,000 manats).
The upper limit of the budget deficit is expected at the level of 645 million manats (1.05 percent of the GDP) in 2017.
Main sources of deficit coverage are revenues from privatization, internal and external loans, foreign grants and the remainder on the single treasury account of the state budget as of January 1, 2017.
Income of the state budget will be formed by revenues from the Ministry of Taxes (7.51 billion manats), State Customs Committee (2.2 billion manats), State Committee on Property Issues (8 million manats), paid services of government-financed organizations (353 million manats), transfers of the State oil Fund of Azerbaijan (6.1 billion manats) and other sources.
In 2017, expenditures of the state budget will be distributed as follows: defense (2.8 billion manats), science (118.5 million manats), education (1,733.4 million manats), healthcare (745.4 million manats), social protection and social security (2,053.1 million manats) and others.
Revenues of the consolidated budget are forecasted at the level of 20.02 billion manats, expenditures – 21.267 billion manats. Being an integral part of the consolidated budget, revenues of the State Social Protection Fund under the Ministry of Labor and Social Protection of Population are expected at the level of 3.4 billion manats, revenues of Nakhchivan Autonomous Republic – 348.4 million manats, State Oil Fund – 8,370.6 million manats.
Deficit of the consolidated budget is expected at the level of about 1.247 billion manats.
Oil prices were set at a price of $40 per barrel in the state budget for 2017.
Azerbaijan to up excise rates on imported cars, yachts in 2017
Excise rates on imported cars with an engine capacity of over 2,000 cubic centimeters, yachts and other vessels, designed for leisure and sports, will increase in Azerbaijan from 2017, according to the amendments to the Tax Code approved at a plenary meeting of the Parliament.
Azerbaijan to up excise rates on imported precious metals in 2017
Azerbaijan will increase excise rates on imported precious metals and gemstones in 2017, according to the amendments to the Tax Code approved at a plenary meeting of the Parliament. According to the amendments, the country will also introduce an excise duty on import of fur and leather items in 2017.