BAKU, Azerbaijan, August 1. The updated key revenue parameters of Azerbaijan's state budget have been disclosed, Trend reports.
According to the Azerbaijani Finance Ministry, The revenues of the revised state budget of Azerbaijan for 2023 are projected to exceed 33.89 billion manat ($19.94 billion), which is 10.1 percent higher than the previously approved figure.
A total of 52.3 percent of the budget revenues, i.e., 17.7 billion manat ($10.48 billion), come from the oil sector, while 47.7 percent, or 16.15 billion manat ($9.52 billion), come from the non-oil sector. Compared to the approved figures for 2023, the revenue from the oil sector is higher by 1.4 billion manat, or $849.2 million (8.9 percent), and compared to the actual figure for 2022, it's higher by 2.4 billion manat, or $1.42 billion (15.7 percent).
Meanwhile, the revenue from the non-oil sector is higher by 1.67 billion manat ($986.6 million) (11.6 percent).
The share of non-oil revenues in the state budget revenues will increase by 0.7 percentage points and amount to 47.7 percent of the approved figure.
Revenues from the State Tax Service under the Ministry of Economy are expected to reach 14.987 billion manat ($8.83 billion), accounting for 44.2 percent of the budget revenues.
Revenues from the State Customs Committee will amount to 5.7 billion manat ($3.37 billion), comprising 17 percent of the total revenues.
Transfers from the State Oil Fund will be 11.7 billion manat ($6.9 billion), representing 34.6 percent of the total revenues.
Revenues from extra-budgetary income of budgetary organizations will be 857 million manat ($505.19 million), or 2.5 percent, while other revenues of the state budget will amount to 580.8 million manat ($342.6 million), or 1.7 percent.
The total revenue from the State Tax Service will exceed the approved figure of the current year by 1.58 billion manat (935.26 million), or 11.8 percent, including six billion manat ($3.53 billion), or 40 percent, from the oil sector, and 8.9 billion manat ($5.29 billion), or 60 percent, from the non-oil sector.
In 2022, the state budget revenues of Azerbaijan increased by 16.2 percent, reaching 30.6 million manat ($18 million).
