Preliminary forecast of the state budget of Azerbaijan for 2017 is announced
The Ministry of Finance published the preliminary forecast of Azerbaijan's state budget for next year. The revenue part will be 15 billion 955 million manat ; expenditures - 16.6 billion manat at the alleged deficiency in 645 million manats. Traditionally, the largest share in the State Oil Fund (6.1 billion manat or 38.23%), which, however, will not prevent the country's president in May and June 2017 to issue a decree on the allocation of additional funds of this framework for the implementation of various projects. The Ministry of Taxes, presumably, will transfer to the treasury as a VAT four billion, and a tax on corporate income of 2 billion 68 million, the tax on individuals -... 1.14 billion, with excisable goods - 638 million, the simplified tax - 313 million manat. State Customs Committee are listed as VAT on imports 1 billion 639 million. The expenditure part of the budget is as follows: the general state needs - 2 billion 997.7 million manat, to pay the national debt and the payment of liabilities - 1 billion 768 800 000, on the total defense spending - a little over 3.1 billion, the judiciary, prosecutors and law enforcement agencies - 1 billion 233.47 million, education - 1 billion 859.5 million, health care - 775 790 000; on social security, including pensions and benefits - 2 billion 117.72 million manat --17D-..
Economics
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The market for vegetable and animal fats in Azerbaijan is largely shaped by a structural dependence on imports, as domestic production remains insufficient to meet the country's growing consumption needs. This dependency is underscored by several economic factors, including limited agricultural production and a lack of processing facilities, leaving the sector ill-prepared to reduce reliance on foreign supplies.
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The INMerge Ventures venture capital fund has been established in Azerbaijan, aimed at boosting the development of the country’s innovative and startup ecosystems, officials announced on Tuesday.
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Azerbaijan is set to roll out a comprehensive digital economy development strategy in 2025, aimed at transforming the country's economy through human capital development, innovation, and the digitalization of business processes, an official announced on Tuesday.
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Issues related to the development of the energy sector through digital innovations were the subject of negotiations between Rovshan Najaf, President of SOCAR, and Seita Hagihara, President and Vice President of Yokogawa Electric Corporation, a leading Japanese multinational company specializing in electrical engineering and industrial automation.
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