Oil and gas companies - partners SOCAR next year will add to the state budget 800 million manat

Revenues to the state budget of Azerbaijan in 2015, regarding the tax on profits from oil and gas companies operating under contracts PSA (Production Sharing Agreements) are projected at 800 million manat.

According to the forecasts of budget revenues, published on the MOF website, it is 37.9% of expected revenues to the state budget of Azerbaijan for income taxes (2 billion 211 million manat). Recall, the Finance Ministry has laid the base average stock price of oil at $ 90 per barrel.

Oil and gas companies operating in Azerbaijan within the framework of contracts PSA, pay income taxes 4 times a year: in January, April, July and October. In this case, the actual payments to the state budget for income tax is made from the actual price of oil on world markets.

Forecast tax expense for these companies for 2014 was approved at the level of 977 million manat (defined forecast of oil prices at $ 100 per barrel). Oil and gas companies operating in Azerbaijan within the framework of contracts PSA, paid the income tax in the amount of 1 billion 420,600,000 manat in Azerbaijan’s state budget in 2013.

Since gaining independence, the state has signed more than 30 such contracts to develop oil and gas fields. --17D-