In the first half of 2016, the taxes in the state budget from the non-oil sector amounted to 2 billion 494.4 million AZN. This is +9.4% in comparison with the same period last year. This statement was made by the Minister of Taxes Fazil Mammadov. According to him, in the first half of 2016 the Ministry of Taxes in total transferred to the state budget 3 billion 190.1 million AZN, 2% more than the plan.
As Turan notes, in January-June 2015 the Ministry of Taxes transferred to the budget 3 billion 346 million AZN. That is, for the first quarter of this year, remittances to the budget decreased by 4.7%.
It should be noted that during the period the oil sector transferred 694.7 million AZN to the state budget through the Ministry of Taxes. During this period, the share of tax revenues from the oil sector accounted for 21.8%. An interesting fact is that in January-June 2015 the oil sector transferred 1 billion 57 million AZN to the state budget through the Ministry of Taxes. It turns out that in the first half of this year, payments to the budget decreased by 34.4%.
Economics
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), and Oleg Korobchenko, Deputy Prime Minister and Minister of Industry and Trade of the Republic of Tatarstan, discussed cooperation and expressed satisfaction with the partnership between SOCAR and the Russian oil company Tatneft.
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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