MP: Azerbaijan State Oil Fund's budget transfers reach 5-year low

ECONOMICS  31 May 2023 - 15:50

In 2022, the amount of transfer from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget was executed by 7,923,000 manat ($4,660,588) as opposed to the forecasted 11,517, 500 manat ($6,774,999), which is the lowest figure in the last 5 years and the result of an increase in budget revenues.

Chairman of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship Tahir Mirkishili made the remarks at the Azerbaijani parliament’s plenary session during the first reading of the bill "On the execution of the state budget for 2022” on May 31, Report writes.

According to him, budget revenues last year amounted to 30,679,600 manat ($18,046,823) against the forecast of 29,197.8 million manat ($17,175,176), which is by 1,481.8 million manat ($871, 647) or 5.1 per cent more.

“In the structure of income, receipts from the non-oil sector amounted to 15,350,000 manats ($9,029,411), which is 1,689,7000 manats ($993,941) or 12.4 per cent more than the forecast. An increase in budget revenues in the non-oil sector will increase its share in the total state budget revenues from 47 per cent to 50 per cent. Revenues from the oil sector for the reported year amounted to 15,329,600 manats ($9,017,411), which is 145,200,000 manats ($8,541,176) less than the forecast. The share of budget revenues from the oil sector in the total state budget revenues decreased from 53 per cent to 50 per cent,” he added.

In 2022, revenues to the state budget from the tax authorities amounted to 15.543 billion manat ($9. 142 billion) which is 3,803,200 AZN ($2,237,176) more than predicted.

“I would like to point out that 3.4 billion AZN ($1.9 billion) out of these 3.8 billion manat ($2.2 billion) came from tax revenues from the oil sector. The increase of oil prices by 21.9 per cent as compared to the budgeted prices and natural gas prices by 2 times increased tax revenues from these sectors,” the MP stated.

The non-oil sector accounts for 52.3 per cent of tax revenues to the state budget, 8,136,300 manats ($4,786,058), and the oil sector - 47.7 per cent or 7,406,600 manats ($4,356,823). It should be stressed that in 2022 the tax authorities reimbursed 495,900,000 ($291,705,880) of overpaid funds.

State budget revenues via the State Customs Committee totalled 5,654,600 manat ($3,326,235), which is 1,049,600 manat ($617,411) more than predicted. Growth is mainly explained by a 24.2 per cent increase in the volume of imports.

Proceeds from paid services of budgetary organisations amounted to 804,100,000 manat ($472,999,996) against the forecast of 834,000,000 manat ($490,588,231). The amount of dividends received from the companies with the state share made 130,700,00 manat ($76,882,352).

He noted that as a result of state financial control measures more than 60,000,000 manat ($3,529,411) was reimbursed to the state budget.

Caliber.Az