Since early year share of oil incomes in formation of state budget constituted 73.5%

During 9 months, 2013 incomes of the state budget of Azerbaijan Republic totaled 14,330,000,000 AZN, while costs – 12,719,000,000 AZN. As a result of that during 3 quarters, 2013 the budget had a proficit of 1,610,300,000 AZN.

According to the Azerbaijan Finance Ministry, during this period the Taxes Ministry transferred 4,929,900,000 AZN to the state budget, up 375.4 million AZN or by 8.2% against the same period last year. Of this amount 44.6% or 2,197,900,000 AZN was formed by the transfers into the oil industry (according to the State Oil Company of Azerbaijan (SOCAR), during 9 months, 2013 it paid 1,185,092,000 AZN to the state budget, while other oil companies paid 1,012,808,000 AZN).

From January to September 2013 transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget totaled 8,339,900,000 AZN. During 9 months, 2012 SOFAZ transferred 7,038,400,000 AZN to the state budget. During first three quarters 2013 transfers from SOFAZ to the state budget increased by 1,301,500,000 AZN or by 18.5%.

According to the estimates of Caspian Barrel Oil Studies Centre, considering transfers from SOFAZ from January to September 2013 share of oil incomes in the state budget  totaled 10,537,800,000 AZN or 73.54%.—0---