From January to October 2015 oil companies working in the country on the basis of the production sharing agreements (PSA) paid profit tax 104 million AZN less than it was forecasted, Natig Amirov, Senior Deputy Minister of Taxes, said at a press conference yesterday.
He said the proceeds were expected to be 800 million AZN, but because of low oil prices, incomes of the oil companies went down and as a result the consortium paid profit tax worth 696 million AZN.
“We were very concerned about proceeds from the oil consortia. We are very pleased that the deficit totaled only 104 million AZN. I hope that during the remaining two months we will honor our commitments and fully fulfill our budget forecast,” he said.
