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---
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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