Budget payments of SOCAR and AIOC will increase in 2017

Two company's tax payment will make 73% and 27% of revenues from oil sector

Baku. 29 September.REPORT.AZ/ Revenues from oil sector in Azerbaijan are forecasted 49.2% or 7.855 billion AZN as part of total incomes in the draft state budget 2017. This figure is less by 1.37 billion AZN or 14.9% compared to 2016.

Report informs, “Draft of the state budget and consolidated budget of 2017" says.

It was reported that 77.7% or 6.1 billion AZN of the budget revenues from the oil sector will account for transfers from the State Oil Fund of Azerbaijan (SOFAZ) (by 1,515 billion AZN or 19.9% less compared to the current year's forecast), while 22.3% or 1,755 billion AZN from the revenues of the oil sector through the tax authorities (by 145 mln AZN or 9% more compared to the current year's forecast). Budget payments on the revenues of the oil sector through the tax authorities are estimated at 1,280 billion AZN for the State Oil Company of Azerbaijan Republic (SOCAR), also, income tax for the Azerbaijan International Operating Company (AIOC) at 475 mln AZN. 

Notably, 2017 state budget revenues are forecasted 15.955 billion AZN.

It was stated that considering international financial institutions' forecast regarding around 50 USD per barrel of crude oil next year, oil export price is planned at 40 USD in the state budget for 2017. 

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