Impact of USD rise on budget estimated at AZN 100M – Ministry of Taxes

# 11:56
29 December 2016

“Change in USD rate almost affects all spheres”, Deputy Minister of Taxes Sahib Alekberov said at press conference.


“This is a normal process. Unfortunately, the dollar is a global currency and dependency on this currency is too high. Many countries wants to put an end to dependency on the dollar. There are different opinions about this”, the deputy minister said.


Head of the Main Department for Tax Monitoring in the Institutions for Foreign Cooperation and Finance Zaur Fatizade said the impact of the USD rise on the budget is estimated at AZN 100 million.


Head of the main department for risk analysis and control of the Ministry of Taxes of Azerbaijan Natig Shirinov the payments on currency are made by the taxpayers on Production Sharing Agreement and main export pipelines: “Generally, the economic crisis reduced currency receipts. Currency receipts in manat have increased due to devaluation of the national currency. However, total tax receipts declined. Manat devaluation leads to inflation. Ministry of Economy forecasts inflation at 7.3% in 2017. In the budget of 2017, 1 USD is around AZN 1.75”.