16:45 - 27.05.2024

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May 27, Fineko/abc.az. Azerbaijan has published due to which revenues the country’s State Budget 2024 will be increased, ABC.AZ reports, referring to the Ministry of Finance.

It was noted that 48.9% of State Budget revenues, or 17.769 bn manats, accounted for the oil sector and 51.1%, or 18.584 bn manats for the non-oil sector. Compared with the approved indicators of 2024, revenues in the oil sector grew by 605 million manats or 3.5% (387.4 million manats or 2.1% less versus the executive indicator of 2023 and 1.575 bn manats or 9.3% more in the non-oil sector against the approved indicators of 2023 of 1.504 bn manats (8.8%).

The share of non-oil revenues in the State Budget revenues as a whole will be 1.3 p.p. more (51.1%) than the approved figure.

15.27 bn manats or 42.0% of State Budget revenues came from the State Tax Service, 6.4 bn manats or 17.6% from the State Customs Committee Azerbaijan, 12.78 bn manats or 35.1% from the State Oil Fund (SOFAZ), 831 million manats or 2.3% of revenues from non-budgetary funds revenues of budget organizations, 821 million manats or 2.3% of other income, 250 million manats, or 0.7%, accounted for transfers from the free balance of realized profits of the Central Bank of Azerbaijan.

According to the State Tax Service, the amount of revenues is stipulated in the amount of 15.27 bn mantas (1.405 bn manats or 10.1% more versus the approved figure for the current year).

Through the Tax Service, 4.58 bn manats or 30.0% of revenues will go to the oil sector, and 10.69 bn manats or 70.0% will go to the non-oil sector.

With the revision of State Budget revenues from the State Tax Service, revenues from the non-oil sector have been brought up to 10.69 bn manats (800 million manats or 8.1% more against the approved figures for the current year, and 982.1 million manats or this is by 10.1% more).

With the revision, State Budget revenues from the State Customs Committee have been increased up to 6.4 bn manats (500 million manats or 8.5% more than the approved figure for 2024).

In addition to the available sources of revenue, the State Budget is projected to receive from the free balance of realized profits of the Central Bank at the level of 250 million manats, and to the Transport Vehicle Recycling Fund (target budget fund) at the level of 25 million manats.