(Read the full article on turan.az)

In 2020, income from profit tax in the oil sector to the state budget of Azerbaijan amounted to 797.1 million manats against the forecast of 727.7 million manats, the bill “On the execution of the state budget of the Republic of Azerbaijan for 2020”, Turan reported.

The document notes that 24.3% or 193.4 million manats of income tax on profit in the oil sector fell to the share of the State Oil Company of Azerbaijan (SOCAR), 75.5% or 603.7 million manats – to contractors on a share production distribution (PSA) in the oil and gas sector.

The reason for the increase in income tax under production-sharing agreements is that the export price of crude oil increased by $ 8.7 compared to the approved forecast for 2020.