20 Dec 2011 16:50

SOCAR to increase tax payments to Azerbaijan's state budget by 5% in 2012

BAKU. Dec 20 (Interfax) - The plan for tax transfers to Azerbaijan's state budget from State Oil Company of the Azerbaijani Republic (SOCAR) for 2012 has been set at 1.31216 billion manat (0.7864 manat/$1 on December 20, 2011), the country's Finance Ministry told Interfax.

It was earlier reported that the 2011 plan for SOCAR's tax transfers to the state budget has been set at 1.26 billion manat. Therefore, the company will pay 4.9% more taxes to the state budget next year.

The company transferred 1.2109 billion manat to the start budget in January-November 2011, up 13% year-on-year.

SOCAR's tax transfers came to 1.26298 billion manat in 2010.