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Wednesday, April 24, 2024
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In the past year, a budget surplus of ten million euros was achieved

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In the past year, considering the realization of revenues and expenditures, a budget surplus of ten million euros, or 0.2 percent of the estimated gross domestic product (GDP), was achieved, according to the latest data from the Ministry of Finance.

The Ministry announced that in December, the budget deficit amounted to 146.4 million euros, or 2.4 percent of GDP. The Ministry has published a report on the budget execution for the period January – December of last year, which states that preliminary budget revenues for the mentioned period amounted to 2.56 billion euros, or 41.5 percent of the estimated GDP, representing an increase of 417.9 million euros or 19.5 percent compared to the planned revenues, and an increase of 569.9 million euros or 28.6 percent compared to 2022.

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The Ministry explained that the data will be final after the adoption of the Law on the Final Account of the Budget of Montenegro for the previous year.

“The most significant positive deviations were recorded in revenues from value-added tax, corporate income tax revenues, social security contributions, other revenues, and donations and transfers,” the statement said.

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VAT revenues for the year were collected in the amount of 1.06 billion euros, which is 100.3 million euros or 10.5 percent higher than planned and 151.2 million euros or 16.7 percent higher compared to 2022.

“A significant increase in revenues in this category is the result of several factors, including the results of the summer tourist season, improved tax discipline, and significant growth in imports and household consumption, which, along with projected inflation, largely determine the growth of this category of revenues,” the Ministry explained.

Excise tax revenues for the past year amounted to 323.1 million euros, which is 51.7 million euros or 19 percent higher than planned, or 77.2 million euros or 31.4 percent higher compared to the comparative period.

During the observed period, revenues from corporate income tax amounted to 151.3 million euros, representing an increase of 29.6 million euros or 24.4 percent compared to planned, and an increase of 61.1 million euros or 67.8 percent compared to the comparative period.

“The introduction of progressive rates on profit, the growth of economic activity, and the achieved results of business entities in the previous year, as well as the improvement of tax discipline, determined the growth of this category of revenues,” said the Ministry.

Contributions revenue in the past year amounted to 575.7 million euros, which is 101 million euros or 21.3 percent more than planned, or 112.9 million euros or 24.4 percent more compared to 2022.

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