Every year the public budget of Azerbaijan increases and gains weight. The best example is the 2006 public budget, which was adopted with a growth: revenues - 67% and expenses 64%. However, as the treasury is weighty, the care of it should be stronger. It increases the actuality of the rapid reforming of the sate financial control and adoption of relevant law.

The Ministry of Finances headed by Avez Alekperov deeply believes in the adoption of the bill on state financial control till summer vocation. Alekperov says that it would be possible in case of submitting the draft law to the parliament in 1 or 2 months. Meanwhile, the deadline for the adoption of the bill can be autumn 2006, he assures.

At present the document is under examination of the Justice Ministry. The Minister also noted that shortly it is planned to receive a final conclusion of the World Bank on the draft law, which he expects to be positive.

The necessity for adoption of the law is explained in two ways. Firstly, it will enable to increase transparency in the forecasting and execution of the public budget, as well as strengthening of a control over he public budget expenses. Secondly, it defines state financial regulation, as well as indicates the exact distribution of authorities among the authorized bodies in the state financial control.

So, the first factor necessitating the adoption of the law on state financial control is the growing public budget, which accumulates big funds for further use on public tasks. Thus, this year the public budget revenues can be increased at the expense of remittances by the Ministry of Taxes, State Customs Committee and privatization. The public budget revenues from rise in oil prices will comprise over 80m manats. In 2007 it is planned to increase the public budget forecasts by 40-50%. In 2009-2010 the public budget revenues and incomes will exceed $10bn. Besides, the Ministry of Finances expects the non-deficit budget in 2009.

In this case the improvement of the state financial control in the country, which will enable to use efficiently and purposefully the public finance resources, and monitoring of the capital flow from addressee to beneficiary assume special.

The financial control in Azerbaijan can be divided into internal and external ones. The Counting Chamber will control the state companies and concerns and the Ministry of Finances will be committed to control district and city budget organizations, higher educational institutions, diplomatic missions of Azerbaijan abroad and etc.

The key task in this stage is to increase the efficiency of their activities in the sphere of financial control and avoiding unnecessary dubbing of the financial-control activities.

Taking into consideration this fact the Ministry of Finances designed a draft State Program in rational use of budget resources in compliance with the presidential decree dated 31 January 2006. the program envisages he development of new standard documents, injection of changes t the legal base and increase of responsibility in the relevant budgetary organizations.

В"We prefer joint activities however, the Counting Chamber has its own schedule for auditing. Besides the staff engaged in the control and inspection activities is small and the staff number is to be enlarged, however, their selection will be held thoroughly and by attesting them as their professional level must be high, Alekperov thinks.

In 2005 the Ministry of Finances held 63 complex revisions, including 40 in compliance with the schedule confirmed by the Ministry and the rest on the base of sentences. The inspections were carried out in the districts, diplomatic corps, universities, public organizations on utilization of crest taken under the governmental guarantees. As a result of revisions, the public revenues grew 6bn. The violations included the exaggeration of prices, non-implementation of the tender terms and current state of the book-keeping due to high level of responsibility of accountants and heads of local budgetary organizations.

As the draft law indicates, each year in January the Finance Ministry intends to publicize the list of enterprises and schedules for inspecting. And the brief data on the results of inspecting will be placed on the web-site.

The Ministry of Finances will carry out revision in the budgets of 25 districts, including Khatai , Azizbayov, Surakhani, Binagadi districts of Baku as well as Imishli, Agdam, Zardab, Gedebek, Siyazan, Saatly, Lankaran, Masally, Shamakhi, Alibayramli, Dashkasan, Astara, Lerik, Geranboy, Shamkir, Fizuli, Kelbajar, Jabrayil, Tovuz, Zangelan.

The Azerbaijani Cabinet of Ministers determined the schedule of monitoring on balance sheets execution for 2006 by tax-payers.

In accordance with the schedule, the monitoring on budget execution during half-year is planned to be held at the Baku Metro, Azerkimya State Company, Communications and Information Technologies Ministry in July. This period of activities of Azal Air Lines Company and Azersu JSC will be monitored in August. Monitoring of activities of the rest 5 big tax-payers will be conducted on the results of 9 months. The Caspian Shipping Company, Azerigas JSC and Azerbaijan State Railway Department will be subjected to monitoring in October, SOCAR and Azerenerji - November.

In its turn, the Accountancy Chamber of Azerbaijan confirmed a business schedule for 2006. The functions of the AC, specified by the legislation have been considerably expanded as compared to last year. In compliance with the law on Budget System it is planned to fulfill some tasks such as audit of the public budget, the State Social Security Fund, State Oil Fund, the public budget of Nakhchivan Autonomous Republic and conduct of the financial-budget examination of the municipalities. Major part of measures on control was dedicated to the fulfillment of the public budget audit of public budget revenues (in difference to previous in 2006 it is planned to increase the activities in this direction). The control activities over the tax incomes covers the spheres such as calculation of big taxpayers, estimation of a mechanism on tax payment, as well as appraisal of revenues from major types of taxes, which has special weight in the stricture of the budget, tax revenues payment of taxes by the legal entities,the value added tax and excises, payment of taxes by physical entities.

The Accountancy Chamber said that they cover the major part of tax incomes and the level of revenues was always on focus. It is also planned to carry out joint inspection with the Russian Accountancy Chamber in organization of the customs control over mutual trade.

Thus, this year intensified financial control will be carried out by the Accountancy Chamber and the Finances Ministry. The major principle is not to put any budget sphere in any state body without control. It is necessary to have efficient control based on the law. It will be a Law on State Financial Control, which will establish unified legal and methodological bases of implementation of the state financial control, unified system of different bodies of the state financial control and a mechanism on interaction. The efficient state can be established without bringing order in the state management, first of all, in management of state finance.

Share of non-oil enterprises in Azerbaijan's GDP growing
Share of non-oil enterprises in Azerbaijan's GDP growing
Azerbaijan's ADY Container sets new record in cargo transportation speed
Azerbaijan's ADY Container sets new record in cargo transportation speed
Azerbaijani oil prices (June 29-July 3)
Azerbaijani oil prices (June 29-July 3)
Loading Bars
Georgia approves flight schedule to ensure return of its citizens from abroad
Volume of cargo transshipment through Turkish Bandirma port disclosed
Turkey's export of cars abroad from January through June 2020 down
Irish temporary COVID-19 jobless claims fall to 412,900
Azerbaijani president makes phone call to first president of Kazakhstan
Cash turnover in Uzbekistan's banking system increases
Details on cargo transshipment from Iraq via Turkish ports unveiled
Kazakhstan working to create legal regulation for digital technologies
OSCE becomes tool of certain countries’ political orders due to people like Harlem Desir
Share of non-oil enterprises in Azerbaijan's GDP growing
Thai central bank says has not closed door to further easing
Lithuanian business increasingly interested in investing in Kazakhstan
Turkmenistan to strengthen control over use of state loans
Qatar coronavirus cases exceed 100,000, health ministry says
Kazakhstan, Turkey to jointly increase capacities of Trans-Caspian int'l transport route
WHO mission to arrive in Turkmenistan
Prices on food market of Uzbekistan decrease
Uzbekistan to build large business center in Tashkent region
Slovakia cuts countercyclical buffer rate for banks to 1.0%
Georgian real estate consulting company predicts lower prices for apartments in Batumi
Iran to benefit from long-term co-op with China - Chamber of Commerce
Indonesia unveils $40 billion bond scheme to fund recovery from pandemic
Vietnam reports 14 new COVID-19 cases, all imported
Turkish export of defense products to int'l markets down in 1H2020
Swiss passengers don masks on trams and mountain trains to fight COVID-19
Kazakhstan, Vietnam trade turnover down twofold
Turkmenistan unveils plans to expand its industrial sector
Total revenues of Georgian largest telecom operator Silknet grow
Turkey's five-month export to EU lowers
Hungary EXIM Bank opening investment line for Georgia
Greece to resume direct flights with Britain from July 15
Number of Uzbek companies operating in Kazakhstan surges
Hungarian companies interested in expanding business in Georgia
Azerbaijani president, first lady attend inauguration of modular hospital in Baku (PHOTO)
Philippines reports 2,099 new coronavirus cases, 6 deaths
Azerbaijan's ADY Container sets new record in cargo transportation speed
Uzbekistan's COVID-19 cases surpass 10,000
Azerbaijani oil prices (June 29-July 3)
Latvia to finance multiple projects in Uzbekistan
Iran's mobile phone registration plan helps curb smuggling
Uzbek chemical plant improves production of sodium carbonate
Oil up on tighter supply, expectations for positive data
Iranian banks offer loans to Justice Shares owners
Indonesia reports 70 new coronavirus deaths, 1,209 new cases
Iran bans export of face masks amid increase of COVID-related deaths
Defense Ministry dismisses rumors on Azerbaijan's air space used to attack Iran
Turkey's export of ready-made clothing abroad down thanks to COVID-19
Kazakhstan's oil & gas company to buy filters via tender
Share of Yahoo, Yandex search engines in Azerbaijan down
Most popular operating system in Azerbaijan revealed
Turkmenistan to implement new programs to increase cotton production
Iran uses monitoring systems to prevent fuel smuggling
European Gymnastics President: Baku Aerobic Gymnastics World Championships dates confirmed
Volume of dolomite transshipment through Turkish ports announced
Gold price decreases in Azerbaijan on July 6
Turkmen greenhouse plans to harvest large crop of bananas
Kazakhstan decreases export of locally-made goods to US
Russia reports more than 6,600 new coronavirus cases
Turkish export of grain, legumes to int'l markets in 1H2020 rises
Ford's China ventures extend auto sales recovery in June
Iran talks exports to Venezuela, hints at bartering option
Geostat: US ranks 7th among largest importers of Georgian products
McKinsey and Co.: Coronavirus to have lasting impact on energy supply
Turkmenistan sells base oil to UAE, Turkey, Afghanistan
Azerbaijani currency rates for July 6
Uzbek Central Bank announces newly-set exchange rates
Zarif defends Iran's deal with China before MPs during parliament session
Georgia sees increase in COVID-19 cases
Uzbek livestock farmers to obtain lands without auction
Armenia violates ceasefire with Azerbaijan 57 times
Iran's Gold and Jewelry Union talks gold, gold coin prices on local market
Israel launches spy satellite to keep a better eye on enemies
Healthcare official talks Iran's flaws in battling COVID-19
Export data of Iran's knowledge-based companies revealed
Turkmenistan's import of clothes from Turkey drops
Azerbaijan-Mexico five-month trade turnover increases
One fifth of German firms fear for their survival amid pandemic
Tesla mocks shortsellers with sale of red satin shorts
Kazakhstan's oil & gas company to buy spare parts via tender
AIIB to support Kazakhstan’s gov't in mitigating COVID-19 impact
Germany's confirmed coronavirus cases rise by 219 to 196,554
UK new car sales post smaller slump in June on annual basis
With nearly 700,000 coronavirus cases, India is third worst-hit country
Iran, Turkey in waiting mode on direct flights due to COVID-19 spread
Persian Gulf Star Refinery to increase production
Kyrgyzstan confirms 314 new COVID-19 cases
Georgia's main import articles from Azerbaijan revealed
Russia increases steel import from Turkey
BSTDB to focus on Azerbaijan's manufacturing, agribusiness sectors
Kazakhstan confirms 1,403 new coronavirus cases
Chinese mainland reports 4 new confirmed COVID-19 cases
Iran says sets up underground missile bases along southern coasts
Turkey spoiled traps set against it in east Med: Erdogan
Saudi Arabia announces Hajj health measures for domestic pilgrims
Charter flight from Amsterdam to Georgia carried out
Buffett's Berkshire to buy Dominion Energy gas assets for $4 billion
Coronavirus cases in Israel nudge 30,000
Trump to hold second campaign rally since pandemic began
Croatia's ruling HDZ wins parliamentary vote, majority within reach
Bolivia's health minister tests positive for COVID-19
All news