Since 2006 till January 1, 2015 the contractors, sub-contractors and the operation companies operating within the framework of production sharing agreements (PSA) have transferred 15.6 billion AZN to the state budget of Azerbaijan ($19.88 billion at the current official rate of Central Bank), Zaur Fatizada, chief of the Department of Fiscal Service, said in his interview to Vergiler newspaper of the Taxes Ministry.
The contractors transferred 11.6 billion AZN of profit tax, of which 1,107,500 AZN falls to 2014.
“In 2014 the oil and gas industry played an important role in formation of proceeds to the state budget. The oil and gas industry transferred 2,827,000,000 AZN to the budget, which makes 39.7% of total sum of tax proceeds. In 2013 this index constituted 43.8%, while in 2012 – 45.5%,” he said.
Fatizada said that as a result of the thought-out economic policy, dependence of the country’s economy on the oil industry declines every year and tax proceeds from the non-oil sector to the state budget grow.—0—
Economics
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The State Oil Company of Azerbaijan (SOCAR) is preparing to sign a major contract with a Pakistani company in the future, signaling strengthened trade and economic cooperation between the two countries.
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Azerbaijan's Minister of Energy, Parviz Shahbazov, chaired the inaugural meeting of the Coordination Council for implementing the "Action Plan for the Phased Introduction of Electricity Market Elements," approved by the Cabinet of Ministers in May this year.
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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