Since early year oil companies transferred taxes worth 943 million AZN to state budget

From January to May 2015 the Azerbaijan Taxes Ministry transferred taxes worth 2,849,000,000 AZN to the state budget, reads information posted on the Ministry’s web site.

During this period tax allocations of the non-oil sector to the state budget totaled 1,906,000,000 AZN (66.9% of total volume of earnings) and oil industry transferred 943 million AZN.

The transfers of the non-oil sector to the state budget increased by 11% against the same period in 2014.

However, the Ministry of Taxes did not provide the same information about the oil industry.

For instance, according to SOCAR, during first 5 months this year it paid 605,042,000 AZN to the state budget. This means that during this period other companies of the oil industry transferred 337,958,000 AZN.

During quarter 1, 2015 incomes of the entire state budget of Azerbaijan totaled 3,938,800,000 AZN. Of this amount payments of the oil companies totaled 543.2 million AZN. In addition, transfers of the Oil Fund totaled 1,941,700,000 AZN. This means that share of the oil industry in formation of the state budget constituted 63.1%.--0—