State budget revenues in June this year amount to 158,8 million euros and are higher by 20,1 percent (26,6 million euros) compared to the same month last year and by 10,1 percent (14,6 million euros) compared to to the plan, preliminary data from the Ministry of Finance and Social Welfare (MFSS) show.
As announced by the MFSS, revenues in June were higher by 10,7 percent (15,4 million euros) compared to June 2019, which was a record for tourism revenues.
"The significant increase in budget revenue in June of this year was particularly contributed by the increase in value added tax (VAT) revenue by 41,9 percent (17,8 million euros), which is primarily the result of a large collection of VAT on imports during the preparation of the tourist season "VAT revenues in June this year amount to a total of 60,3 million euros," the announcement states.
They add that the realized collection of VAT is higher than the collection in June 2019, when it was 52,8 million euros. Preliminary data show that in no month during 2020 was there a net collection of VAT as in June of this year.
"What has been achieved so far indicates the recovery of economic activity in Montenegro. According to preliminary data, budget revenues from the beginning of January to the end of June 2021 amounted to 787,4 million euros, which is 39,5 million euros more (5,3% ) compared to the same period of the previous year. The revenue collection plan for six months of this year was also exceeded by 14 million euros (1,8 percent). In the period January - June 2021, an increase in VAT, excise and of taxes and contributions on wages compared to the same period in 2020".
The MFSS states that when it comes to semi-annual revenues from VAT, there was an increase of 20 million euros (7,7 percent) compared to the same period last year.
"Total revenues amount to EUR 279,1 million, and are higher than the plan by EUR 11,1 million (4,2 percent). This is mainly due to the increase in VAT on imports due to the preparation for this year's tourist season, and it affected and a more sensitive application of electronic fiscalization. Preliminary data for January - June this year show that revenues from excise duties amount to 97,5 million euros, i.e. they are 2,2 million euros (2,3 percent) higher than in the same period last year. compared to the plan, revenues are 6,2 million euros higher (6,8 percent)," it was announced.
Revenues from taxes and contributions on wages for the six months of this year, as it is added, amounted to 289,5 million euros and are higher by 17,9 million euros (6,6 percent) compared to the same period last year.
"Half-year income from profit tax amounted to EUR 56,8 million and collection is almost at the same level as in the period January - June 2020, while an increase of EUR 14,1 million (33 percent) was achieved compared to the plan. Bearing in mind the conclusion of the Government, which stipulates that majority state-owned companies pay a dividend to the budget in accordance with the state's share, this category of income is expected to grow. The final data on income, expenditure and budget deficit will be published at the end of July, as part of the regular monthly report for June and for the budget execution period January - June 2021," the announcement concludes.
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