ACG and Shah Deniz give positive forecast on income tax

This year, the forecast of income tax of the contractor organizations operating within the framework of production sharing agreements for the "Azeri-Chirag-Gunashli" (ACG) project is 280 million manats ( 75.7 %), and for the "Shah Deniz" project it is increased by 325 million manats ( 20, 2 %), Azernews reports, citing the statement shared by the Finance Ministry regarding its expectations for the end of the year.

"Incompared to the approved indicators for 2024, the average export price of a barrel of "Azeri Light" crude oil was increased by 15 USD to 75 USD during the calculation of the revenues of the revised state budget, and the fourth quarter of 2023 and it was increased due to the fact that the average export price of oil for the months of January-March of the current year was 87.2 US dollars," the statement says.

Thus, 43.7 % or 2 billion manats of the tax revenues for the oil and gas sector are taxes on the State Oil Company of Azerbaijan, 14.2 % or 650 million manats are the distribution of production shares for the "Azeri-Chirag-Gunashli" project. 42.1 % or 1 billion 930 million AZN is the profit tax of the contractor organizations operating within the framework of the agreements, and 42.1% or 1 billion 930 million manats is the profit tax of the contractor organizations operating within the framework of the production sharing agreements of the "Shah Deniz" project.

With the revision of the state budget of 2024, the revenues of the state budget were approved at the level of 36 billion 388 million manats, including the oil and gas revenues of the state budget at the level of 17 billion 769 million manats. The transfer of the State Oil Fund is expected at the level of 12 billion 781 million manats.