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Customs Committee increases allocations to state budget

06 July 2018 [11:24] - TODAY.AZ

By Azernews

By Sara Israfilbayova

The State Customs Committee of Azerbaijan transferred 1.62 billion manats ($952.9 million) to the state budget in first six months of the year, which is 38.5 percent more than the same period of 2017.

Deductions for June amounted to 293.36 million manats ($172.6 million). Last month, revenues from customs duties amounted to 70.69 million manats ($41.6 million), VAT - 202.36 million manats ($119 million), excise taxes - 17.33 million manats ($10.2 million), road tax - 2.98 million manats ($1.7 million).

Compared to June 2017, receipts from customs duties increased by 32.3 percent, VAT - by 52.3 percent, excises by 2.4 times, road tax - by 10.6 percent.

The forecast for customs revenues to the state budget of Azerbaijan for 2018 is 3.215 billion manats ($1.9 billion).

Earlier, the country’s Finance Minister Samir Sharifov said that the government plans to revise state budget for 2018.

In accordance with the bill, there are plans to increase state budget revenues by 1.983 million manats-$1.17 million (9.9 percent) to 22.110 million manats ($1.3 million) and to increase expenditures by 2.014 million manats-$1.18 million (9.6 percent) to 23.061 million manats ($2.3 million). The state budget deficit will be 951 million manats-$559.4 million (an increase of 31 million manats), which will be equal to 1.3 percent of the expected GDP of Azerbaijan in 2018.

The revenues of Azerbaijan’s adjusted consolidated budget for 2018 are forecast at 28.09 billion manats ($16.52 billion), which is 3.98 billion manats ($2.34 billion) or 16.5 percent more than the approved budget. The consolidated budget expenditures will amount to 26.537 million manats ($15.61 million), which is 1.6 billion manats ($941 million) or 6.4 percent more than the approved figures.

In accordance with new forecasts, the previously approved deficit of the consolidated state budget in the amount of 831.1 million manats ($488.82) will be replaced by a surplus of 1.5 billion manats ($882 million).

The budget forecasts were adjusted considering oil price at $55 per barrel. The base price for oil set in the state budget for this year is $45.

The forecast for customs revenues to the state budget has been increased by 785 million manats ($461.76 million).


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