Private oil and gas companies accounted for almost a quarter of tax revenue

The share of income taxes of oil and gas companies operating in Azerbaijan within the framework of contracts PSA (Production Sharing Agreements) was 24.03% of all tax revenues, including fees for the Ministry of taxes and the State Customs Committee. Since the beginning of January to July 1, they paid into the state budget 860 million manat (about $ 1.1 billion).

According to the Ministry of Economy and Industry, they all belong to the private sector, to provide for the period a total of 72.4% of tax revenues to the state budget ($ 3 billion 578,600,000 manat), and its share in industrial production was 80.3%. In addition, nearly three-quarters (73.9%) of the employment were in the private sector.

The plan for 2014 for payments in budget income tax for the said categories of oil and gas companies is 977 million manat. However, in practice there is always over-fulfillment.

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 taxes are made from the actual price of oil on world markets.

By the end of last year, the companies paid to the state budget the income tax of 1 billion 420,600,000 manat. --17D-