Azerbaijan parliament begins to discuss 2008 draft budget at plenary session

Azerbaijan parliament begins to discuss 2008 draft budget at plenary session
# 13 November 2007 10:20 (UTC +04:00)
Revenues in the 2008 blueprint are projected to rise 27.9% to AZN 7.383 billion and expenditures are predicted to increase 34.7% to AZN 8.509 billion. The budget gap is expected to be AZN 1.126 billion.
Thanks to economic growth and tax collection improvement, revenues are forecasted to stand at 28.2% of GDP and expenditures at 32.5% of GDP.
The tax receipts are predicted at AZN 5 billion in the 2008 budget of Azerbaijan. Of this, it is expected the tax receipts from oil sector will rise 3% to AZN 2.73 billion and tax from non-oil sector will increase 42.8% to AZN 2.27 billion.
Customs duties are expected to increase 42.9%, year-on-year, to AZN 1.1 billion.
The current expenditures of the 2008 budget will be AZN 4.737 billion (53.7% of total expenditures) and capital expenditures will be AZN 3.688 billion (43.3%).
The fixed capital investments will rise 48.3%, culture, art and media expenses 30.2%, education spending 28.5%, defense spending 25.4%, social protection and social security expenditures 21.1%, housing expenditures 19.5%, health spending 18.5%, transport and communications expenditures 9.3% and rural development, fishing and forestry expenses 3.5%.
Social-oriented expenditures will account for 32.7%. The State Oil Fund of Azerbaijan (SOFAZ) will allocate AZN 1.1 billion to fill the budget gap.
Revenues of the 2008 consolidated budget will be AZN 10.508 billion and expenditures AZN 10.184 billion. /APA-Economics/





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