55% of revenues in 2022 in Azerbaijan to come from oil sector

Next year, 14.69 billion manats or 54.8 percent of Azerbaijan's expected state budget revenues in the amount of 26.816 billion manats will be formed at the expense of the oil sector, 12.126 billion manats or 45.2 percent - at the expense of the non-oil sector, Report informs referring to the draft law on the state budget for 2022.

According to the document, this is 6.6 percent and 4.1 percent more compared to the approved indicators for the current year, respectively.

According to the data, 12.710 billion manats or 86.5 percent of oil budget revenues will account for transfers from the State Oil Fund of Azerbaijan (SOFAZ), and 1.98 billion manats, or 13.5 percent, will come from the oil sector through tax authorities. Next year, SOCAR’s deductions to the budget will amount to 1.350 billion manats, and payments on income tax under agreements on the production share distribution - 630 million manats.

In the structure of non-oil revenues of the budget, 6.84 billion manats or 56.4 percent of revenues will come from tax authorities, 4.26 billion manats or 35.1 percent from customs authorities, 1.026 billion manats or 8.5 percent - other revenues.