The Cabinet of Ministers in order to ensure fiscal sustainability, predictability of income and expenses, gain control over their execution has decided on the estimates of revenue and expenditure of large state-owned companies.
The estimate of revenue and expenditure will be monitored and approved by a special commission headed by Deputy Prime Minister Yagub Eyyubov.
The list includes SOCAR, JSC Azerenergy, JSC Azersu, JSC Azerisiq, CJSC Azerbaijan Railways, CJSC Azerbaijan Caspian Shipping Company, CJSC Baku Metro, JSC Irrigation and Water Management of Azerbaijan, CJSC Baku International Sea Trade Port, JSC Azerkosmos, LLC Aztelecom, LLC Azerpocht and Baku Telephone Communications Production Association.
These organizations will provide to the secretariat to the Commission the preliminary estimates of revenues and expenditures for the next year until July 1. These estimates are subject to approval by no later than November 1. The Commission will be also submitted quarterly reports on execution of the estimates. ---------- 08D
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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