SOCAR forecasted to transfer AZN 1.45B to state budget in 2020

The budget is expected to receive AZN 1.450 billion the State Oil Company of Azerbaijan (SOCAR) next  year. 56.1% or AZN 13.530 billion of the state budget revenues are expected to come from the oil sector, Report informs citing the state and consolidated budgets bills.

Revenues from oil sector are AZN 170.3 million or  1.2% as low as the forecast for 2019.

Among the revenues from oil sector, 83.9% or AZN 11.350 billion is expected to be transferred from SOFAZ, 16.1% or AZN 2.180 billion from oil sector through tax authorities. In the structure of receipts on oil sector through tax authorities, budget transfers from SOCAR are to make up AZN 1.450 billion, profit tax from PSAs - AZN 730 million, which make 66.5% and 33.5% of receipts from oil sector.