Ministry of Finances: In January-October the budgetary deficit decreased by 34.7% / revenues increased

Ministry of Finances published statistics on the realization of budget voices for the January-October 2014 period, speaking about budget revenues and the decrease of deficit. According to the official data, budgetary revenues increased by 13.9% more than the same period of a year before, circa $323 ml more revenues in 2014.

Tax on profits paid by businesses (increased in the previous year after the approval of fiscal package) has brought to the state budget 40.8% more revenues than in the same period of 2013 (January-October). Revenues allocated by VAT tax increased by 19.8%, meanwhile revenues from excise duty increased by 15.6% in 2014. Taxes on personal incomes and small businesses have decreased at 5.4% and 15.8% respectively.

Ministry’s data show also an increase of local government revenues by 14.7%, social insurance contributions to the state budget increased by 9% and health insurance contributions marked an increase of 11.3%.

In turn, the budgetary expenses have increased compared to a year before but at a lower percentage than the increase of revenues. The Ministry of Finances achieved to decrease by 34.7% the budgetary deficit by reducing public investments, which has been one of its priorities. The deficit decreased to 38.2 billion ALL, from 58.5 billion ALL in the previous year.

News source: Shqiptarja.com
Photo credits: Flickr / Simon Cunningham