OREANDA-NEWS. May 28, 2012. Tax Ministry of Azerbaijan is developing new taxation mechanism of State Oil Company of Azerbaijan (SOCAR).

Today Finance Minister of Azerbaijan Samir Sharifov has stated that due to effective tax policy, in 4 months of 2012 alone, revenues of state budget increased by AZN 93 million due to non-oil sector.

"Increase of the country budget for 2012 will mainly happen due to tax receipts, which demonstrates efficiency of governmental policy. At that it should be noted that presently different taxation regimes are being applied to Azerbaijan International Operating Company  (AIOC) and State Oil Company of Azerbaijan (SOCAR). Tax Ministry of Azerbaijan is already developing new regime of SOCAR taxation and we can see this effect next year ",- S. Sharifov said.

In his words, in 2012 SOCAR will pay additional AZN 30 million to state budget from difference between internal and export oil price.