“As you know, the oil price was set at $90 per barrel in 2015’s budget. However, the real price was different and this caused oil and tax revenues to be declined. But, the strides made for economic diversification during past 15 years demonstrated that how the policy was reasonable. This year showed us how the investments in this sphere, especially infrastructure, were important in the non-oil sector. Since it gained independence, Azerbaijan paid tax liabilities of oil companies, even international consortiums which were unable to pay for the first time in 2015 on its own account, that’s development of non-oil sector. We could compensate the tax which were not paid by the oil companies and did not undergo budget deficit. This policy will be conducted in 2016 too. If the oil price will be lower than set in the state budget in 2016, this will proportionally result in decline of budget revenues. The government takes different measures for promotion of non-oil sector. The president signed several normative acts for improvement of non-oil sector and business environment recent months. We are going to cover deficits from oil sector by allowing the entrepreneurs to access the credit resources, creating favourable environment for entrepreneurs and developing non-ol sector. We hope will achieve it”, Amirov said.
Amirov said that the transfers from Ministry of Taxes in the state budget of 2015 are expected to make AZN 7.112 bln. According to outcomes of 11 months of 2015, 72%of taxes are formed by non-oil sector, 28% by foreign and local oil companies. Basing on this, the deputy minister stressed that non-oil sector is able to cover estimated deficit (3-5%) from oil sector.
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