Decrease in tax revenues: Largest in profit tax and excises

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Budget revenues fell by almost 14 percent in August, the finance ministry said. The state collected 14.2 billion denars in the August, and for all eight months the revenues amounted to 119.6 billion denars, which is 8.2 percent compared to last year. The Ministry of Finance says that this is a slight improvement compared to the first half of the year when revenues in the whole period were lower by 9 percent compared to 2019.

Tax revenues in August were lower by 17.1 percent compared to August 2019, while contributions went down by 2.7 percent.

“There is a monthly decline in tax revenues – VAT of 14.3 percent, excises of 25 percent, corporate income tax of 28.9 percent and personal income tax of 10.4 percent, while import duties are recorded growth of 7.9 percent, according to finance.

Expenditures in August amounted to 17 billion denars and are 5.8 cents higher than August 2019.

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