State Property Issues Committee exceeds forecast for budget revenues

By Azernews

By Rashid Shirinov

As much as 3.76 million manats ($2.21 million) from the lease of land on which state and privatized enterprises and objects are located, as well as objects built at the expense of private funds, were transferred to the state budget of Azerbaijan in January-May 2018.

This is stated in the report of the State Property Issues Committee of Azerbaijan on June 27. It reads that the amount of funds transferred is 51.6 percent higher than forecast.

Moreover, 830,000 manats ($487,500) from the lease of non-residential plots were transferred to the state budget during the reporting period, which is 14 percent higher than the forecast. In general, 4.6 million manats ($2.7 million) has been transferred to the state budget through the State Committee over the past five months.

The forecast for the state budget revenues from the lease of state property is determined at the level of 8 million manats. This includes 6.2 million manats ($3.64 million) from the lease of land plots and 1.8 million manats ($1.06 million) – of non-residential plots.

“The actual figures for the five months of 2018 leave no doubt that the State Committee will fully comply with the forecast for revenues,” the report reads.

It is worth noting that last year, the State Property Issues Committee transferred 8.7 million manats ($5.11 million) to the state budget, of which 6.8 million manats ($3.99 million) were received from the lease of land plots, and 1.9 million manats ($1.12 million) from the rent of non-residential plots.

The State Property Issues Committee of Azerbaijan is the central executive body implementing state policy and regulation on real estate management and its privatization.

In addition, the State Committee supports development of the privatized enterprises and ensures implementation of necessary measures to stimulate their activity, as well as ensures control over investments made by new owners of privatized state enterprises.