Main directions of 2017 state budget revenues have been announced.
According to the draft law on “Amendments to the law on the state budget of Azerbaijan for 2017, the revenues of 2017 state budget are forecasted at AZN 16,766,000,000 and make up 25.2% of GDP (up 0.8 percentage point from approved indicator), up AZN 511 million or 3.1% from 2017s approved budget.
The increase include AZN 250 million of allocations from central banks profit, AZN 135 million of transfers from Ministry of Taxes, AZN 50 million of transfers from the State Customs Committee and AZN 76 million from off-budget receipts.
In the draft law, AZN 7,645,000,000 will be transferred to the state budget from Ministry of Taxes, up AZN 135 million or 1.8% from approved forecast for 2017. These funds will come from non-oil sector. The draft law says AZN 5,805,000,000 is planned to be transferred from non-oil sector, up AZN 135 million or 2.4% by contrast to the approved 2017 state budget.
Transfers from ministry of taxes are forecasted as follows: AZN 2,583,000,000 is forecasted to come from value added, up AZN 85 million or 3.4% in comparison to the approved version of the budget.; Other receipts will make up AZN 140,000,000, up AZN 50 million or 55.6% from approved version. Forecast on sanctions and penalties makes up AZN 50 million.
Transfers from State Customs Committee (SCC) will make up AZN 2,250,000,000, up AZN 50 million or 2.3% froim approved budget for 2017. Transfers from SCC are forecasted as follows: AZN 1,674,000,000 will come from value added tax, up AZN 35 million or 2.1% in comparison to the approved version; AZN 469 million from customs duties, up AZN 15 million or 3.3% from aprved version. Receipts from off-budget revenues will make up AZN 429 million, up AZN 76 million or 21.5% from the approved budget.