Serbia, The rebalancing of the budget predicts higher revenues in the state coffers by 193 billion dinars

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The rebalancing of the budget predicts higher revenues in the state coffers by 193 billion dinars. The Fiscal Council assesses that they are well measured and achievable. What fills the budget?

In addition to the 180 billion dinars surplus for 10 months, another 13 billion is expected by the end of the year, according to the budget rebalancing proposal. As much as 87 percent of that money comes from taxes.

The State Secretary of the Ministry of Finance, Saša Stevanović, states that value added tax is leading with a 45 percent share, followed by customs with 20 percent.

“So, those two categories make up 65 percent of the income, they are the two most generous taxes,” adds Stevanović.

Due to better collection, the rebalancing increases revenues from VAT by more than 92 billion dinars, corporate income tax by 54 billion, and personal income, including wage tax, by more than 10 billion dinars.

Economist Goran Nikolić explains that the increased revenues compared to the originally planned caused a low deficit this year, which is important especially considering the macroeconomic environment and geopolitical risks.

In the decline of donation and excise tax

And non-tax revenues from taxes, fees, and fines are 24 billion dinars higher. Only donations and excise taxes are in decline.

“We have reduced excise duties on petroleum products by 10 to 20 percent. That effect was not compensated by income from excise taxes on tobacco products, that is, other excise products. The state gave up those revenues in order to protect the standard of our citizens and to curb inflation at an acceptable level. It is about 15 billion dinars on an annual level, one part is compensated by higher consumption of oil derivatives, but in general there is a minus”, says Stevanović.

There is no minus in the collection of contributions, so the extraordinary increase in pensions will be fully covered. And as far as the regular payment of pensions is concerned, the situation in the coffers of the PIO Fund is such that the rebalancing predicts a reduction of the planned subsidy from the budget for this year, BiF writes.

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