President of Azerbaijan Ilham Aliyev approved the state budget for 2019 on Dec. 22.

Axar.az reports citing Trend.

Revenue part of the state budget for 2019 is forecast to total 23.168 billion Azerbaijani manats (including centralized revenues – 22.429 billion manats, local revenues – 738.766 million manats), while expenditures are expected to amount to 25.190 billion manats (including centralized expenditures – 24.347 billion manats, local expenditures – 842.812 million manats).

In the structure of state budget revenues, proceeds from VAT are forecast at 4.194 billion manats (including 2.39 billion manats on VAT from imported goods), income tax revenues are forecast at 2.67 billion manats, tax from income of individuals - 880 million manats, excise tax - 982 million manats (including 380 million manats from excise taxes on imports of goods), customs duties - 900 million manats, simplified tax - 322 million manats, extraction tax - 133 million manats, road tax - 114 million manats (including 32 million manats from the owners of vehicles of foreign states), etc.

In the structure of state budget expenditures, 3.038 billion manats are envisaged for the defense, 2.286 billion manats for education, 1.042 billion manats for healthcare, 2.62 billion manats for social protection and social security, 6.37 billion manats for investments, etc.

The maximum limit of the state budget deficit has been approved at 2.022 billion manats.

The upper limit of consolidated budget expenditures for next year is forecast at 27.155 billion manats, and the upper limit of consolidated budget deficit is forecast at 13.586 billion manats excluding incomes determined by the relevant executive authority.

The oil prices have been set at $60 in the state budget for 2019.