Although the collection of value added tax (VAT) this year is significantly lower than originally planned, which the Fiscal Council also assessed as “worrying”, so the budget rebalancing reduced the expected amount of revenue from this tax, the new budget for 2024, according to the bill that is already in front of the deputies – again, it is counting on a significant increase in VAT revenue, for as much as EUR 719 million.
The budget for 2024 counts on the growth of all tax revenues – except for corporate income tax, where EUR 68 million less is expected. Apart from the higher collection of consumption tax – VAT – the state also counts on a higher inflow into the state coffers from – excise taxes.
A total of EUR 3.4 billion is expected to be collected from excise taxes next year. The previous budget, for this year 2023, calculated with EUR 3 billion.
This means that the state expects a significant increase in revenue from excise taxes by EUR 285 million, which is slightly more than nine percent.
Expectations from VAT collection are also growing, although – let’s remind you, the state has already reduced “expectations” due to lower collection during this year.
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