High Prices Increase Budget Revenues
Rising prices have caused difficulties in the household budget, but not in the state coffers. In the first four months of the year alone, the budget has collected Lek 188 billion (Euro 1.5 billion) of taxes, or Lek 35 billion (Euro 287.7 million) more than in January-April 2021.
A total of Lek 165 billion has been collected from taxes and customs. At customs, the largest share is occupied by value added tax (VAT) on imports, which is 10% higher than last year, while mining royalties are 80% more than years, said the Ministry of Finance in a press release.
Excise revenues were realized in the amount of Lek 15.1 billion, or 7.4% more than in 2021, as well as Lek 1 billion less than the excise plan for the 4 months of 2022.
Revenues from royalties on export were realized in the amount of Lek 1.4 billion, 81.1% more compared to the previous year and realization in the amount of 136.3% against the plan.
Revenues from customs taxes were collected in the amount of Lek 2.4 billion, 14.5% more than 4 months 2021, as well as realization at the rate of 121.6% against the plan.
Also for taxes, revenues are 26% higher than a year ago. It turns out that only from VAT, the state has collected a sum twice higher than the same period in 2021, while in value the money of employees who go for pension and health contributions are higher.
On the other hand, the government and the municipalities have not given up on spending. In value they are the same as last year, but if calculated with rising prices in the market, they are lower.
In the difference between revenues and expenditures, the budget results in a surplus of Lek 19 billion (Euro 156.2 million) in the first four month of the year, compared to a budget deficit of about Lek 14.8 billion in the same period of 2021.
According to the data of the Finance Ministry, the total revenues for the 4-month period of 2022 were realized at the rate of 107% of the 4-month plan.
Total public expenditures, for the fourth month of 2022, amounted to about Lek 168.5 billion with a realization of 95% of the plan for the period, while compared to the same period of 2021 this item has been 0.4 percent higher or Lek 725 million more.