SOFAZ saves AZN3.6bn from transfers to state budget

The state budget revenue amounted to AZN30.7bn ($18.06) in 2022 which is AZN1.5bn ($0.88bn) or 1.9 percent more than the forecasted AZN29bn ($17.06bn), Azernews reports, referring to the Ministry of Finance.

The ministry noted that the revenue in 2022 was over AZN4.3bn ($2.53bn) or 16.2 percent compared with 2021.

Revenue transferred to the state budget through customs bodies was AZN5.7bn ($3.35bn) which is AZN1bn ($0.59bn) or 22.8 more than the forecast, and AZN1.3bn ($0.76bn) or 30.2 percent more compared to 2021.

“Revenue from the non-oil sector contained AZN15.3bn ($9bn), which is AZN1.6bn ($0.94bn) or 11.8 percent more than the forecast. The amount is AZN2.4bn ($1.41bn) or 18.8 percent more compared with 2021. Meanwhile, revenue from the oil and gas sector was AZN15bn ($8.82bn) which is AZN156m ($91.76m) or 1.0 percent less than the forecast,” the ministry said.

Revenue transferred to the state budget through the State Tax Service amounted to AZN15.5bn ($9.12bn), which was AZN3.8bn ($2.24bn) or 32.4 percent more than the forecast, and AZN7bn ($4.12bn) or 82.2 percent more compared to 2021. Of this 52 percent or AZN8bn ($4.71bn) belongs to the non-oil-and-gas sector and 48 percent of AZN7.5bn ($4.41bn) belongs to the oil and gas sector.

“A total of AZN7.9bn ($4.65bn) was transferred from the State Oil Fund of Azerbaijan Republic to the state budget against AZN11.5bn ($6.76bn) forecasted. In a reporting year, the observed increase in revenue from state customs and tax organs enabled AZN3.6bn ($2.12bn) or 31.2 percent less transfer State Oil Fund of Azerbaijan Republic,” the ministry stated.

Revenue transferred to the state budget through custom organs is AZN5.7bn ($3.35bn) which is AZN1bn ($0.59bn) or 22.8 more than the forecast and AZN1.3bn ($0.76bn) or 30.2 percent more compared to 2021.