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Excise tax forecast increases in Azerbaijan

Economy Materials 16 October 2023 10:07 (UTC +04:00)
Farid Zohrabov
Farid Zohrabov
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BAKU, Azerbaijan, October 16. Excise tax in Azerbaijan will account for 1.5 billion manat ($882.3 million) or 4.5 percent of the state budget revenues in 2024, according to the forecast, Trend reports via the Azerbaijani Ministry of Finance.

According to the information, this is 10.5 percent more than the approved forecast for 2023.

The State Tax Service under the Ministry of Economy will provide 1.3 billion manat ($764.7 million), or 88.7 percent, of tax revenues from excise duties, while the State Customs Committee will provide 173 million manat ($101.7 million), or 11.3 percent. This is 12 and 0.6 percent more than the approved 2023 forecast, respectively.

In addition, next year's budget revenues are expected to reach 34.1 billion manat ($20 billion), while expenditures are expected to reach 36.7 billion manat ($21.5 billion).

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