Armenia raises excise taxes on tobacco, alcohol, fuel

Armenia's parliament has approved higher excise taxes on tobacco products, alcohol, gasoline and diesel fuel, a move expected to increase retail prices.

The legislation was passed in its second reading with 63 votes in favour, backed by lawmakers from the ruling Civil Contract party, Caliber.Az reports, citing Armenian media.

The bill introduces an annual 3% indexation of excise tax rates on excisable goods.

Excise taxes on tobacco products will increase by 7% each year, while taxes on heated tobacco products will rise by 30% annually.

The excise tax on electronic cigarettes will double in the first year under the new legislation.

By Bakhtiyar Abbasov