Parliament Approves State Budget of Past Year

Today the Parliamentary Committee for Economic Policy recommended the bill on the implementation of last year’s budget for discussion at the next plenary session of the Milli Majlis.

According to Deputy Finance Minister Azer Bayramov, the state budget revenues in 2014 amounted to 18 billion 400 million 565 thousand manat, and the expenses were 18 billion 708 million 999 thousand manat.

MP Ali Masimli believes that "we should not be at the level of the CIS countries and should achieve greater economic growth."

Recall, on the eve the Ministry of Finance published the information that last year the state budget was executed with a deficit of 308 million 434.76 thousand manat. In absolute terms, the state budget revenues were at 18 billion 400 million 565.23 thousand manat, more than half (50.74%) of which at an alarming tradition occurred in transfers from the State Oil Fund - 9 billion 337 million manat. Among other products it is worth noting the value added tax - 3 billion 119 million 578 thousand manat, the profit tax of legal entities - 2 billion 302 million 479.17 thousand manat and VAT on imported goods - 1 billion 70 million 960.58 thousand manat.

Total expenditure amounted to 18 billion 708 million 999.99 thousand manat. In this segment, the lead was at public investment infrastructure projects, which were spent 6 billion 256 million 706.72 thousand manat. On services not included in the main list, 2 billion 580 million 776.15 thousand manat was spent.

According to the Ministry of Finance, at the end of last year the free balance of the budget treasury account was at the level of 1 billion 728 million 622.3 thousand manat, which was translated into the state budget for the 2015 fiscal year. --17D-

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