Azerbaijan's 2018 state budget may earn 11 bln AZN from oil sector

Baku. 23 October. REPORT.AZ/ Specific weight of budget revenues on oil sector in Azerbaijan in 2018 is estimated at the level of 55.1% or 11.096 bln AZN within the total budget revenue.

Report informs referring to the draft law "On the state budget for 2018".

This is more by 3.156 bln AZN or 39.7% than the approved forecast for 2017.

83.1% or 9.216 bln AZN of budget revenues on oil sector accounted for transfers from the State Oil Fund of Azerbaijan (SOFAZ), 16.9% or 1.880 bln AZN incomes from the oil sector through the line of tax authorities.

In revenues from the oil sector through line of tax authorities, budget payments by the State Oil Company of Azerbaijan Republic (SOCAR) is considered 1.380 bln AZN as well as profit tax of 500 mln AZN on the Azerbaijan International Operating Company (AIOC). This figure is more by 15 mln AZN on the SOCAR, 25 mln AZN on the AIOC compared to analogical forecast for 2017, making 73.4% and 26.6% respectively of oil revenues by tax authorities.

Notably, total revenues in 2018 state budget is forecasted at 20.127 bln AZN.