Parliamentary Finance Committee tomorrow on budget rebalancing

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With the rebalancing of the budget for this year, whose proposal was adopted by the Government of Serbia and which will be on the agenda of the Parliamentary Committee for Finance tomorrow, total budget revenues of 1,709.5 billion dinars are foreseen, which is 192.7 billion or 12.7 percent more from the amount foreseen in the original budget for 2022.

As stated in the Bill on Amendments to the Law on the Budget, the budget revenues in 2022 are higher than expected, and this surplus was used for the procurement of energy sources and curbing price growth with minimal impact on the standard of the population, as well as on measures to reduce the excise burden on oil derivatives.

It is added that the rebalancing also operationalizes population policy measures adopted after the 2022 budget, increased subsidies in agriculture, as well as aid paid to certain categories of the population.

It is stated that the main goal of the rebalancing is to adapt to the newly emerging negative global economic flows, the world energy crisis and, consequently, a significantly higher price increase.

Tax revenues are planned in the amount of 1,490.6 billion dinars, which represents an increase of 172.7 billion, and non-tax revenues in the amount of 199.7 billion, which is an increase of 24.2 billion dinars.

All revenue categories, except for excise taxes, have been revised upwards in relation to the previous projection, and the largest percentage change is recorded in income from profit tax, and in absolute terms, income from value added tax.

In the income structure, tax revenues make up 87.2 percent, non-tax revenues 11.7 percent, while the rest of 1.1 percent refers to donations.

It is emphasized that a fiscal deficit of 3.8 percent of gross domestic product (GDP) is planned at the general state level, and that this result will not disrupt the established trajectory of reducing the share of public debt in GDP, which has been present since 2016.

It is estimated that the level of public debt at the end of this year will amount to 55.5 percent of GDP.

When it comes to expenses and expenditures, they are planned in the amount of 1,988.5 billion dinars.

419.2 billion dinars, or 5.9 percent of GDP, were set aside for capital investments, while at the level of the general government, that figure is around 512.7 billion dinars, or 7.2 percent of GDP.

As Finance Minister Siniša Mali said today, the rebalancing will, among other things, provide funds for the payment of 5,000 dinars each to help young people, for the increase of pensions, as well as the continuation of construction work on the Belgrade Metro, Politika writes..

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