Azerbaijan

Tax Deductions by SOCAR Significantly Increased in Azerbaijan’s State Budget

Tax deductions by the State Oil Company of Azerbaijan to the state budget amounted to 128 million 187 thousand manat in January 2017, which is 8.9% more than the same period last year, according to SOCAR information.

SOCAR payments to the State Social Protection Fund (SSPF) amounted to 12 million 507 thousand manat in January 2017, an increase of 23.5%.

As reported, in 2016 SOCAR paid taxes to the state budget of Azerbaijan in the amount of 1 billion 395.421 million manat.

In 2017 the plan for SOCAR on tax payments to the state budget is set at 1 billion 280 million manats.

* In January 2015 the average export price of Azeri oil was $ 32.33 per barrel, and a year later, the figure was $ 55.14.