SOCAR paid over 500M manats in taxes in Q123

In the first quarter of this year, Azerbaijan’s state budget revenues in the oil sector amounted to 3.860 billion manats ($2.270 billion), of which 59.2% or 2.284 billion manats ($1.343 billion) were revenues from tax authorities, and 40.8% or 1.576 billion manats ($927.058 million) were transferred from the State Oil Fund, Report informs referring to the Finance Ministry.

According to the data, 67.7% or 1.545 billion manats ($908.823 million) of funds received by the budget through the State Tax Service under the Economy Ministry falls on income tax on the Shah Deniz field, 22.5% or 513.1 million manats ($301.823 million) amounted to various taxes paid by the State Oil Company of Azerbaijan (SOCAR), and 9.8% or 225.2 million manats ($132.470 million) to income tax paid by the Azerbaijan International Operating Company.