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Sovereign Wealth Funds Briefing - Categorized | Financials

Tax arrears to budget of Azerbaijan relating to state-run companies grow rapidly

Posted on 26 June 2013

The national budget group has sounded the alarm - the public sector continues increasing tax debts to the state budget of Azerbaijan. According to the group, in 2012 the tax debts of state-owned companies to the state budget reached AZN 1.2 bn or 44.6% of total debt, while the debt of the private sector accounted for only AZN 1.16 bn (41.6%). In 2011, these figures were 39.7% and 55.9%, respectively.
Also, the group points to the risks associated with the transfers from the State Oil Fund (SOFAZ), the size of which from 2009 to 2012 inclusive, has doubled. “In 2009 the Fund’s transfers formed 60.1% of budget revenues and in 2012 already 72.4%. At that, the ratio of transfers to GDP increased from 14.2% in 2009 up to 18.4% of GDP in 2012,” the group said………………………………………..Full Article: Source


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