Revenues from excise tax in 2017 increased by ALL 3.4bln compared to 2016

Revenues in the state budget over the 11 months of last year were higher than a year ago.

One of the main items of income in the state budget is that of excise.

Thus, referring to the official statistics of the Ministry of Finance, the revenues from “Excise Tax” are realized at the value of ALL 41.4 billion, 8.9% or ALL 3.4 billion more than the 11-month period of 2016, and 0.7% or about 285 million less than the plan.

According to the analysis of finance specialists, the main impact came from domestic imports and production of fuels, which amounted to about 511 thousand tons, an increase of 8% compared to the 11-month period of 2016.

An increase was also marked in the import of “Liquid Gas” with 16%, import and production of “Beer” by 17%, import of “Energy drinks” by 17%, import and production of “Wine” by 12%, and imports of “Cigarettes” by 7%.

Import of “Coffee” marked an increase in excise revenues by about 5% compared to January-November 2016, while the declaration of domestic tobacco production has increased from 0.9 tonnes to 10.8 tonnes declared for this period of 2017.

Meanwhile, early in the year the government included excise tax on liquefied gas for the first time as an opportunity to regulate the market, but also to increase the revenue in the budget.

But given the rise in the import of goods, consumption growth may have been affected, and secondly, action against informality may have contributed to reducing evasion and smuggling in this sector.

SCAN

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