SOCAR TO REMAIN MAIN TAXPAYER NEXT YEAR
President of the State Oil Company of Azerbaijan Natig Aliyev told AzerTaj correspondent that while in 2003 state budget oil price had been fixed at US$19,5, in 2004 budget the figure has reached $20. As a result this rise, the company must pay 2 trillion 200 billion tax to the budget. On one hand, according to him, it a positive fact, but on the other hand, if the oil price falls in the world market, then this may have a negative effect on the company. To ensure itself against such situations, the company has created a reserve fund in the Ministry of Finance. Now, the fund has 15 billion manat, and in case of the world oil prices fall, the tax deficit will be paid by the fund.
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