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The growth of budget revenues slows down in March, the effect of tax profit

2024-04-23 18:31:00, Ekonomi CNA

The growth of budget revenues slows down in March, the effect of tax profit

The growth rates of budget revenues slowed down in the first quarter of the year, as a result of the poor performance of March.

The official data of the Ministry of Finance revealed that for the 3-month period, the budget collected a total of 163.8 billion ALL, with an increase of 4.9% on an annual basis, from the 7.1% that was the expansion for the 2-month period.

In March, incomes increased by only 0.9%, while inflation was 2.3%. January started well with an increase in receipts of 8.3%, compared to January a year ago, while in February the increase was 6.2% on an annual basis.

The impact in March was given by the decrease in aid, but also by the decrease in income from profit tax. According to data from finance, income from profit tax fell by 13.7% for the 3-month period, while in the first two months of the year this item had been increasing.

Social and health insurance contributions (+5.5 billion ALL), VAT (+4.6 billion ALL), personal income tax (+2 billion ALL) continue to hold the main weight in the increase of budget revenues. For the 3-month period, customs have also returned to the positive trend (+2.2 billion ALL), unlike last year when they were affected by the drop in prices of imported products.

The Ministry of Finance announced that the general public expenditures for the 3-month period of 2024 reached about 130.4 billion ALL, with a realization of 96% of the plan for the same period, while compared to the same period of 2023 , general public expenditures are 4.1% higher, or 5.1 billion ALL more.

The level of the surplus in the 3-month period of 2024 resulted in approximately ALL 33.3 billion.

Preliminary Performance of Income and Expenses for the 3-month 2024

Income

The total income for the 3-month period reached about 163.8 billion ALL or 105.1% of the plan for the same period. Compared to the same period last year, 7.64 billion lek more were collected, or 4.9% more than the three-month period of 2023.

The revenues collected by the General Directorate of Taxes and the General Directorate of Customs (including Contributions collected by DPT) reached 149.4 billion ALL, 12.6 billion or 9.2% more compared to the same period of 2023, as well as 1.4 billion or 0.9% more than the 3-month plan for 2024.

Customs revenues (revenues from import VAT, excise duties, customs taxes and mining rents) reached ALL 50 billion, ALL 2.2 billion or 4.7% more than the 3 months of 2023, as well as ALL 423 million or 0.8% less than the plan of customs revenue for the 3rd month of 2024.

The growth of budget revenues slows down in March, the effect of tax profit

Revenues from VAT on imports for the 3rd month result in 34.3 billion ALL, 1.3 billion ALL or 4% more than the same period a year ago, as well as 735 million or 2.1% less than the plan for the 3rd month of 2024.

Excise revenues were realized in the amount of 13.1 billion ALL, 1 billion ALL or 8.3% more than the same period of 2023, as well as 329 million ALL or 2.6% more than the excise plan for the 3rd month of 2024.

Revenues from mining rents in export were realized in the amount of 722 million ALL, 105 million or 12.7% less compared to the same period of last year and realization in the amount of 91.7% compared to the plan for the 3-month 2024.

Revenues from customs taxes have been collected in the amount of 2 billion ALL, 10 million ALL or 0.5% more than 3 months 2023, as well as realization in the amount of 102.5% against the plan.

Tax revenues (revenues from net VAT in the country, profit tax, personal income tax, national taxes and contributions collected by DPT), for the 3rd month of 2024, reached 99.4 billion ALL, 10.4 billion or 11.7% more than 3 months of last year, as well as 1.8 billion ALL, or 1.9% more than the plan for 3 months 2024.

Revenues from collected VAT (net) were realized in the amount of 17.5 billion ALL, 4.6 billion or 35.3% more than 3 months 2023, as well as 447 million or 2.6% more than the plan of VAT to be collected in 3 the month of 2024.

The income collected from the profit tax was realized in the amount of 18.7 billion ALL, 3 billion ALL, or 13.7% less than the 3rd month of 2023, as well as 363 million ALL or 2% more than the plan of the 3rd month of 2024.

Personal income tax was collected in the amount of 15.3 billion ALL, 2 billion ALL or 15.5% more than the 3rd month of 2023, as well as 131 million or 0.9% more than the plan of the 3rd month of 2024.

National taxes for the period of 3 months 2024 reached 10.3 billion ALL, 1.2 billion ALL or 13.2% more than 3 months 2023, as well as 11 million ALL or 0.1% more than the plan for 3 months 2024.

The income collected from contributions for social and health insurance (administered by DPT), was realized in the amount of 37.6 billion ALL, 5.5 billion ALL or 17.2% more than the 3rd month of 2023, as well as 102.4% realization of the plan for the 3rd month of 2024 .

EXPENCES

General public expenditures for the 3-month period of 2024 reached about 130.4 billion ALL with a realization of 96 percent of the plan for the period, while compared to the same period of 2023, this item was 4.1 percent higher or about ALL 5.1 billion more. In annual terms, the general expenses for the 3rd month of 2024 were realized to the extent of 17.7 percent of the annual plan according to the initial budget and 17.5 percent of the annual plan according to Normative Act no. 1 dated 21.02.2024 (AN no. 1).

Current expenses for the 3-month period of 2024 resulted in about 125.5 billion ALL, while compared to the same period a year ago, this item was 11.6 percent higher or about 13 billion ALL more.

The level of the surplus in the 3-month period of 2024 resulted in about 33.4 billion ALL. Compared to the same period a year ago, the level of the surplus was 8.1 percent higher or about 2.5 billion ALL more./ Monitor.al

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