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.