Finance

Finance

Azerbaijani president approves 2010 state budget

23 December 2009 13:59 (UTC +04:00)

Baku. Vahab Rzayev - APA-ECONOMICS. Azerbaijanâ€™s President Ilham Aliyev has signed a decree on the enactment of the bill on State Budget for 2010.

According to the decree, in order to provide the predicted revenue flow to the state budget, the minimum target for government agencies and enterprises is set as below:

(mln. manat)

Ministry of Taxes	3 980,0
Contractor profit tax on oil and gas PSAs	330,0
Consolidated taxes through SOCAR	1 200,0
Levy on the difference between the contract and domestic wholesale price (less export costs) on domestically produced products subject to price regulation	157,0
Tax and nontax payments from non-oil sector	2 450,0
State Customs Committee	1 100,0

The budget bill for 2010 envisages revenue of AZN 1 0 015 million and expenses of AZN 111 264 million with the budget deficit of AZN 1 249 million.

Under the bill, the principal sources of the budget revenues are the State Oil Fund (AZN 4 915 million), VAT (AZN 1 876 million), corporate profit tax (AZN 1 096 million), individual income tax (AZN 680 million), excise tax (AZN 552 million).

The public capital investment accounts for AZN 3 549 million of the budgetary expenditures.

In addition, AZN 1 276.8 million will go to education, AZN 1 205.8 million to defense, AZN 1 192.3 million to social security, AZN 1 042.3 million to general government services, AZN 707.4 million to law enforcement and the judiciary, AZN 479.4 million to healthcare.

The state budget deficit will be financed through proceeds from the privatization, external and internal borrowing, flotation of securities abroad, the balance of treasury account as at 1 January 2010.