SCC Easily Performs Quarterly Forecast

During the first quarter of 2016 against the budget commitments for 363 million 260 thousand manats projected for this period there was collected and transferred to the state budget 416 million 920 thousand manats. On April 9, at the Cabinet meeting chaired by President Ilham Aliyev this was said by the chairman of the State Customs Committee Aydin Aliyev.

According to the head of the State Customs Committee, the forecast was exceeded by 14.7% or 53.6 million manats. Compared with the corresponding period last year, the state budget was transferred 75 million manats more.

Aydin Aliyev said the growth of customs duties and tax payments was made in the face of declining imports of goods during this period by 25%. It is necessary to take into account that the size of the payment of customs duties and taxes shall be determined in United States dollars and paid in the conversion at the exchange rate of the national currency, set by the Central Bank. Since February 2015 manats devalued twice in relation to the USD. Therefore, over-fulfillment of the targets did not cause particular difficulties for the SCC.

According to the Law "On the State Budget of Azerbaijan for 2016," for the SCC a budgetary commitment at 1.81 billion manats (+ 20%) is provided. -----08D