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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Management/Administration, Market

SOFAZ to ensure 59.3pct of Azerbaijan’s state budget in 2013

Posted on 16 October 2012

The Azerbaijani government is to keep the Oil Fund (SOFAZ) as the main source of filling the state budget in 2013 - SOFAZ will provide 59.3% of budgetary revenues. The Bill on State Budget 2013 says that next year the state budget expects to receive revenue of AZN 19.15 bn (34.2% of GDP) and carry out expenditures for AZN 19.8 bn (35.3%). The budget deficit is expected to reach 656 million (1.1% of GDP).
The SOFAZ will transfer AZN 11.35 bn to the state budget, the Ministry of Taxes AZN 6.4 bn (AZN 2.279 bn on profit tax, AZN 1.776 bn on VAT and AZN 783 million on income tax), the State Customs Committee AZN 1.38 bn………………………………………..Full Article: Source

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