SOFAZ fulfills budget forecast by 80%

State Oil Fund of Azerbaijan (SOFAZ) transferred AZN 7,309.7 million to the state budget in January-September 2021, down AZN 1,840.3 million or 2.1% from the forecast, Report informs, citing Finance Ministry.

Incomplete fulfillment of the budget forecast was due to the over-fulfillment of the forecast by the State Tax Service and State Customs Committee and the use of sources considered for funding the budget deficit.

In January-September 2021, AZN 6,354,400,000 was transferred to the state budget through the State Tax Service, AZN 1,066,700,000 or 20.2% more than the forecast. This figure was AZN 681.6 million or 12% higher than the previous year. Of this, AZN 4,692,800,000 or 73.9% came from the non-oil sector, which is AZN 442.8 million or 10.4% more than a year earlier.

In the reporting period, the State Customs Committee (SCC) transferred AZN 3,193.2 million to the state budget, marking an increase of AZN 238 million or 8.1% from the previous year. This figure was also AZN 352.2 million or 12.4% higher than the forecast.