Economic Committee of Parliament discussed amendments to state budget

Baku. 19 February. REPORT.AZ/ At today's meeting of the Milli Majlis Committee for Economic Policy, Enterprise and Industry held discussions of the draft law "On the state budget of Azerbaijan Republic for 2016".

Report informs referring to AZERTAC, Minister of Finance Samir Sharifov said that the changes are related to the economic processes taking place in the world.

S.Sharifov said that the consolidated budget for this year provided income of 15 738 6 mln AZN and it is 981 5 mln AZN or 5.9% less than the approved budget.The decrease was due to the lower revenues in the State Oil Fund by 3 230.3 mln AZN as a result of halving the base oil prices.

S.Sharifov added that the base oil price of 25 USD / barrel budgeted in 2016, respectively, led to a reduction in oil revenues to the state budget.Revised budget revenues for this year are projected at 16,822 mln. AZN, which is 15.5% more compared to the approved forecast for 2016 and 2% less compared with the implementation of the budget for 2015.

In the structure of budget revenues from non-oil sector are provided in the amount of 7597 mln AZN or 45.2%, which is 4.8 percentage points higher compared with the implementation of the budget for 2015.

It is noted that the projected revenues in the state budgetby the Ministry of Taxes is in the amount of 7 010 mln AZN.This is by 6.2% more than the initial forecast, and by 1.5% compared with the results of 2015.