Georgia’s First Deputy Minister of Finance, Giorgi Kakauridze, has linked the recent shortfall in excise tax revenues to new tobacco regulations and existing company stockpiles.
“The only tax where we currently see a deficit is excise duty,” Kakauridze stated in a comment released by the Ministry of Finance. “This has a clear explanation: new regulations concerning tobacco came into force this year, and companies also had existing stock which affected imports.”
Despite the shortfall, Kakauridze maintained that the situation is temporary. “This deficit will be completely eliminated in the coming months and quarters,” he said.
The Deputy Minister emphasized that overall budget performance remains firm: “I would like to stress once again that budget execution has not been delayed. On the contrary, it has been executed with excess.”
