Azerbaijan has corrected its budget 2018 and cut forecasts on non-oil revenues


June 22, Fineko/ Azerbaijan expects State Budget revenues will increase as a result of an increase in the base price of oil by $10 up to $55.

Finance Minister Samir Sharifov has stated during the meeting of the Parliamentary Committee on Economic Policy, Industry & Entrepreneurship about expectation to receive additional AZN 500 million from profits of foreign oil companies operating in Azerbaijan.

"There is also a need for correction, in particular, reduction in the forecast of revenues from the non-oil sector through the Ministry of Taxes of Azerbaijan by AZN 1.27 bn that is linked with pre-payment of some taxes," the minister said.

He pointed out that State Budget 2018 revenue are expected at the level of AZN 22.1 bn that is by AZN 1.98 bn more than the approved budget forecast for this year says. After their correction the State Budget expenditures will be increased by AZN 2.14 bn up to AZN 23.6 bn that is by 3.6% more compared to the approved forecast for the current year.

"After the adjustment, the revenues of the consolidated budget will amount to AZN 28.86 bn that is by AZN 3.98 bn or 16.5% more than the approved forecast. The consolidated budget expenditures will be increased by AZN 1.6 bn up to AZN 26.537 bn, and as a result, the formation of surplus of the consolidated budget is forecasted at the level of AZN 1.549 bn," the minister said.