NewsBudget revenues in the first four months of EUR 797.4 million

Budget revenues in the first four months of EUR 797.4 million

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In the first four months of this year, budget revenues amounted to EUR 797.4 million or 12.9% of the estimated GDP, according to data from the Ministry of Finance. Revenues are 117.6 million EUR or 17.3% higher than planned, while compared to the comparative period in 2022 they are 202.4 million 34% higher.

As stated in the report of the Ministry of Finance on the execution of the budget, in this period there was an increase in almost all categories of budget income. The most significant positive deviations were recorded in other income, income based on value added tax, contributions for mandatory social insurance and donations and transfers.

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VAT revenues by the end of April were collected in the amount of EUR 301.3 million, which is EUR 28.7 million or 10.5% more than planned and EUR 56.4 million or 23% more than on the same period of the previous year – the report states.

Revenues based on corporate income tax were collected in the amount of EUR 119.9 million and were higher than planned by EUR 25.5 million or 27%, while compared to the comparable period last year they increased by EUR 49.9 million or 71.3%.

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The significant growth of this income category compared to the previous year is primarily the result of the growth of economic activity and the achieved results of business entities in the previous year, the improvement of tax discipline, as well as the implementation of the progressive rate of profit taxation – it was explained.

Other revenues in the observed period amounted to EUR 47.9 million, which is EUR 7.1 million or 17.5% more than planned. In relation to the observed period of the previous year, other incomes increased by 41.4 million.

Within this category of income, the most significant inflow was achieved due to the transfer of funds collected as part of the implementation of the economic citizenship project in the amount of EUR 34 million, which is at the level of the plan for the realization of this category of income in the current period, while the greater realization of income is recorded based on income from capital and collected fines – it was stated.

The Ministry of Finance also announced that the category of contributions for mandatory social insurance continued to grow in April as well, and they were realized at the level of EUR 147.4 million, which is EUR 20.3 million or 16% more than the planned amount, i.e. EUR 26 million or 21.4% more compared to the comparative period in 2022.

The better collection of the contribution category is the result of the effects of the implementation of the Law on the reprogramme of tax claims, but also the increased basis for the calculation of contributions due to the increase in the coefficients for the wages of employees in the public sector – the announcement reads.

In the mentioned period, significant growth was also achieved in the category of donations and transfers, which were realized in the amount of EUR 38.3 million, which is EUR 22.1 million more than the plan and EUR 29.2 million more than the comparative period in 2022. As explained, the growth of the mentioned category is primarily the result of the payment of funds by the EU, based on direct budget support for energy efficiency. According to the financial agreement, the mentioned funds represent non-designated funds that can be used to finance budgetary needs.

Revenues from excise taxes are increasing due to the termination of the implementation of the decision on reducing the amount of excise duty for the sale of unleaded gasoline and gas oils. In addition, a significant contribution to the growth of excise duties was recorded in April with the excise duty on tobacco and tobacco products, in the amount of EUR 8.3 million, which is an increase of EUR 3.5 million or 73.1% compared to the same month of the previous year – it is stated.

In the period from January to April, realized revenues from excise duties amounted to EUR 82.5 million and were higher than the planned by EUR 7.3 million or 9.8%, i.e. EUR 6.5 million or 8.6% compared to the same period last year.

Budget revenues in April amounted to EUR 255 million, which is EUR 57.8 million or 29.3% more compared to the plan and EUR 75.4 million or 42% more compared to the same month last year – according to the Ministry of Finance .

Budget expenditures for the first four months amounted to EUR 684.2 million or 11.1% of the estimated GDP, and compared to the planned, they were lower by EUR 105.3 million or 13.3%, while compared to the same period last year they were higher by EUR 43.3 million or 6.8%.

In the structure of total spending, current budget expenditures amounted to EUR 660.5 million, which is EUR 54 million or 7.6% less than the plan, while the capital budget in the period from January to April was realized in the total amount of EUR 20 million EUR, which is at the level of 32% of the realization of the plan – the data show.

Expenditures in the month of April 2023 amounted to EUR 205.4 million and are lower than the plan by EUR 9.6 million or 4.5%, while they are higher by EUR 3.1 million or 1.5% compared to the same month last year.

Bearing in mind the realization of income and expenditure, in the observed period a budget surplus was realized in the amount of EUR 113.2 million, that is, at the level of 1.8% of the estimated GDP. The budget surplus in April amounted to EUR 49.6 million – they conclude from the Ministry of Finance.

 

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In the first four months of this year, budget revenues amounted to EUR 797.4 million or 12.9% of the estimated GDP, according to data from the Ministry of Finance. Revenues are 117.6 million EUR or 17.3% higher than planned, while compared to the comparative period in 2022 they are 202.4 million 34% higher. As stated in the report of the Ministry of Finance on the execution of the budget, in this period there was an increase in almost all categories of budget income. The most significant positive deviations were recorded in other income, income based on value added tax, contributions for mandatory social insurance and donations and transfers. VAT revenues by the end of April were collected in the amount of EUR 301.3 million, which is EUR 28.7 million or 10.5% more than planned and EUR 56.4 million or 23% more than on the same period of the previous year - the report states. Revenues based on corporate income tax were collected in the amount of EUR 119.9 million and were higher than planned by EUR 25.5 million or 27%, while compared to the comparable period last year they increased by EUR 49.9 million or 71.3%. The significant growth of this income category compared to the previous year is primarily the result of the growth of economic activity and the achieved results of business entities in the previous year, the improvement of tax discipline, as well as the implementation of the progressive rate of profit taxation - it was explained. Other revenues in the observed period amounted to EUR 47.9 million, which is EUR 7.1 million or 17.5% more than planned. In relation to the observed period of the previous year, other incomes increased by 41.4 million. Within this category of income, the most significant inflow was achieved due to the transfer of funds collected as part of the implementation of the economic citizenship project in the amount of EUR 34 million, which is at the level of the plan for the realization of this category of income in the current period, while the greater realization of income is recorded based on income from capital and collected fines - it was stated. The Ministry of Finance also announced that the category of contributions for mandatory social insurance continued to grow in April as well, and they were realized at the level of EUR 147.4 million, which is EUR 20.3 million or 16% more than the planned amount, i.e. EUR 26 million or 21.4% more compared to the comparative period in 2022. The better collection of the contribution category is the result of the effects of the implementation of the Law on the reprogramme of tax claims, but also the increased basis for the calculation of contributions due to the increase in the coefficients for the wages of employees in the public sector - the announcement reads. In the mentioned period, significant growth was also achieved in the category of donations and transfers, which were realized in the amount of EUR 38.3 million, which is EUR 22.1 million more than the plan and EUR 29.2 million more than the comparative period in 2022. As explained, the growth of the mentioned category is primarily the result of the payment of funds by the EU, based on direct budget support for energy efficiency. According to the financial agreement, the mentioned funds represent non-designated funds that can be used to finance budgetary needs. Revenues from excise taxes are increasing due to the termination of the implementation of the decision on reducing the amount of excise duty for the sale of unleaded gasoline and gas oils. In addition, a significant contribution to the growth of excise duties was recorded in April with the excise duty on tobacco and tobacco products, in the amount of EUR 8.3 million, which is an increase of EUR 3.5 million or 73.1% compared to the same month of the previous year - it is stated. In the period from January to April, realized revenues from excise duties amounted to EUR 82.5 million and were higher than the planned by EUR 7.3 million or 9.8%, i.e. EUR 6.5 million or 8.6% compared to the same period last year. Budget revenues in April amounted to EUR 255 million, which is EUR 57.8 million or 29.3% more compared to the plan and EUR 75.4 million or 42% more compared to the same month last year - according to the Ministry of Finance . Budget expenditures for the first four months amounted to EUR 684.2 million or 11.1% of the estimated GDP, and compared to the planned, they were lower by EUR 105.3 million or 13.3%, while compared to the same period last year they were higher by EUR 43.3 million or 6.8%. In the structure of total spending, current budget expenditures amounted to EUR 660.5 million, which is EUR 54 million or 7.6% less than the plan, while the capital budget in the period from January to April was realized in the total amount of EUR 20 million EUR, which is at the level of 32% of the realization of the plan - the data show. Expenditures in the month of April 2023 amounted to EUR 205.4 million and are lower than the plan by EUR 9.6 million or 4.5%, while they are higher by EUR 3.1 million or 1.5% compared to the same month last year. Bearing in mind the realization of income and expenditure, in the observed period a budget surplus was realized in the amount of EUR 113.2 million, that is, at the level of 1.8% of the estimated GDP. The budget surplus in April amounted to EUR 49.6 million - they conclude from the Ministry of Finance.   Sign up for business news updates & special reports.  
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