07.01.2015 - Azerbaijan Government: the state budget doesn’t depend on current oil revenue
The government of Azerbaijan is sure that state budget is stable against drastic fall in the world oil prices. According to a source close to the government, Azerbaijan’s state budget doesn’t depend on current revenues. “The budget of Azerbaijan is based on revenues accumulated by the State Oil Fund (SOFAZ) during previous years. The law on state budget has been approved and adopted and the funds for transfer to the state budget have already been secured at SOFAZ accounts. Their disbursement schedule depends only on us. As a result, even in case of giant reduction in current tax payments from SOCAR (it’s very unlikely, as the basis of its tax payment is associated with the local market) or other payers, the state budget will not be impacted”, - the source said...............................................Full Article: Source
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