Azerbaijan stiffens fiscal policy

  29 September 2016    Read: 998
Azerbaijan stiffens fiscal policy
Azerbaijani government has made public the measures to stiffen fiscal policy in 2017.
The measures include increase of share of non-oil incomes in the non-oil GDP and budget incomes, gradually reduction of SOFAZ transfers to the state budget, collection of tax debts from previous year, simplification of administrative rules of international agreements on elimination of double taxation with other countries, continuation of works on increase of percentage of collection on compulsory state social insurance premiums, continuation of works on reduction of financial aids through taxes of taxpayers in the cities and regions to balance the local revenues and expenditures, increase of the effectiveness in management of public debt, strengthening of control over activity of enterprises borrowing loans under state guarantee, increase of transparency in activity of the state-owned enterprises borrowing loans from abroad, restructuring of management system and etc.

Moreover, it is planned to keep the state and consolidated budget deficits at the manageable level, reach the non-oil consolidated budget deficit/non-oil GDP ratio the limit meeting macroeconomic stability, prepare mid- and long-term strategy on management of public debt and increase the receipts from privatization of state-owned properties.

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