Azerbaijan raises outlook for excise tax by 8%

The government of Azerbaijan expects the revenues from excise taxes at 1.4 billion manats ($823.6 million) next year, Report informs, citing the bill "On the state budget of 2023".

According to the document, this is 7.5% more than the approved forecast for 2022.

Next year, the State Tax Service under the Ministry of Economy is expected to collect 1.2 billion manats ($705.6) of excise tax and the State Customs Committee is expected to collect 172 million ($101.2 million) manats. These are 8.5% and 1.2% more than the confirmed forecasts of this year, respectively.

Azerbaijan's 2023 state budget revenues are expected to be 30.7 billion manats ($18 billion), and the expenses are expected at 33.3 billion manats ($19.6 billion). These figures are 5.2% and 3.1% higher than the approved forecasts of 2022, respectively. As a result, a deficit of 2.6 billion manats ($1.5 billion) is expected be created in the state budget (-16.95%).