The Azerbaijani government has corrected the state budget for the current year based on a basic oil price of $25 per barrel, said the Finance Minister Samir Sharifov. According to him, in the revised budget the revenues and expenditures of the state budget increased by 2 billion manat. Revenues of state budget this year will amount to 16.5 billion manat.
"The expected size of the deficit is 1.7 billion manats. To cover it will be sent the treasury balance for 1 January, 2016 the amount of 1.4 billion manat," the minister said. From the privatization of state assets is expected to gain 100 million manats. These funds will be used to repay the state budget deficit.
It is predicted that this year the Ministry of Taxes will collected by 200 million manat less, than was planned in the law of Azerbaijan Republic "On State Budget for 2016". These funds will be offset by a corresponding increase in customs revenue. For the development of business in 2016 will be allocated from the state budget 70 million manat, more than forecasted (66 million AZN.) -08D--
Economics
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Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
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Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
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The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
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Azerbaijan’s Cabinet of Ministers has approved new hourly wage rates for educational staff involved in teaching activities at state-funded institutions, effective immediately. The decision, formalized under Decree No. 542, outlines differentiated payments based on academic qualifications and teaching levels.
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