President Aliyev approves || Azerbaijan’s state budget for 2018

President of Azerbaijan Ilham Aliyev approved the Law “On the 2018 State Budget of the Republic of Azerbaijan” on Dec.25.

Revenue part of the state budget for 2018 is forecast to total 20.127 billion Azerbaijani manats (including centralized revenues – 19.473 billion manats, local revenues – 653.353 million manats), while expenditures are expected to amount to 21.047 billion manats (including centralized expenditures – 20.323 billion manats, local expenditures – 723.925 million manats).

Transfers from the State Oil Fund (SOFAZ) to the state budget account for 9.216 billion manats. Revenues from the value added tax (VAT) are forecast to total 4.288 billion manats (including 1.705 billion manats on VAT from goods imported by the country), revenues from income tax – 2.320 billion manats, revenues from personal income tax – 1.196 billion manats, excise tax – 726 million manats (including 172 million manats from excises on goods import), customs duties – 535 million manats, simplified tax – 380 million manats, tax on production – 136 million manats, road tax – 91 million manats.

Under the Law, the President signed a decree to increase the minimum wages in 2018.

The decree stipulates that the minimum wage is set at 130 manats from January 1, 2018. The Cabinet of Ministers was instructed to resolve issues arising from the decree.