Budget revenues increase for first time since COVID-19 crisis

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The first growth of budget revenues has been registered in July since the COVID-19 outbreak which indicates that the economic recovery is moving at a good pace, the Ministry of Finance told Tuesday.

The revitalization of the economy is taking place with good dynamics, after the opening of the economy in June there was a better collection of taxes compared to April and May, Finance Ministry’s press release read.

Contributions have increased by 11.9% compared to the same month last year, which continues the positive trend of collecting personal income tax revenues from June, when growth rate of 12.3%. The increase of this portion of revenues is largely due to government measures to support the payment of wages in April, May and June, the press release read.

Revenues from contributions have increased by 8.6% compared to the same period last year, and as of the first half of the year they increased by 8%.

As of July, the expenditures saw an increase of 11.6% at annual level, press release said, adding that the budget deficit stands is 4.76% of GDP and is in line with the budget rebalance projections.

“The purpose of the Ministry of Finance is to ensure continuous budget execution, without any delay, within the legally set deadlines, i.e. payment of wages to the employees, timely payment of allowances to the socially vulnerable categories, prevention of accumulation of arrears, as well as timely VAT refund. This also includes the COVID-19 – related measures, support the state provides to citizens and companies, in accordance with the possibilities, through the domestic payment card, the subsidized wages and contributions, as well as the deferred payments of tax liabilities,” Finance Minister Nina Angelovska said.

The debt has been growing since the beginning of the year. The opposition accused on Monday that in three months the debt has increased by one billion euros and now the public debt is 59.5% of GDP, and the state debt 50.7%. Calculations show that the debt is growing by 12.2 million euros every day or every resident of the country is indebted with a new 6 euros per day.

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