Six types of state revenues in February decreased compared to planned amounts, which meant that total revenues were 4,4 percent or 8,2 million euros lower than planned.
Revenues from the most important tax - VAT - in February were reduced by 4,4 percent or 4,2 million euros compared to the plan, and in pension insurance contributions the decrease was 12,3 percent or 4,1 million. The February item for donations and transfers is 71 percent lower than planned or 2,1 million. Revenues from fees are 33 percent lower than planned or 1,7 million, in corporate income tax the decrease is 11 percent or half a million euros, and 13 percent or 200 thousand euros less was collected from fees than planned for this month.
Ministry without response
Budget revenues in February this year amounted to 178,3 million euros, which is 8,2 million euros less than planned, but also two million less than in February last year, although since then the rates and scope of VAT and excise duties have been increased on a large number of products and services (for hotel accommodation, postal items, books, tickets, excise duties on cigarettes, wine, sweets, juices and carbonated drinks...).
"Vijesti" asked the Ministry of Finance, headed by Novica Vuković to explain why there was a significantly lower collection in February compared to the plan from VAT, pension insurance contributions and fees, as the most significant revenues, but they did not receive an answer. The question was also whether this decline continued in March and, if so, whether it could affect the planned budget realization this year.
Revenue growth in February compared to the plan was recorded in excise duties by 5,9 percent or 1,4 million, unemployment insurance contributions by 800 thousand or 42 percent, health insurance by 700 thousand or 130 percent, other revenues by 600 thousand or 23 percent...
So, total revenues in February amounted to 178,3 million euros instead of the planned 186,5 million euros.
Saved 22 million by not paying
Budget expenditures in February amounted to 212,8 million euros, instead of the planned 234,9 million euros. So the state "saved" 22,1 million euros because it did not spend money on planned obligations this month.
The total deficit this month amounted to 34,5 million euros, and if all planned obligations had been paid, the deficit would have been 56 million euros.
In February, debts and loans worth 9,8 million euros were repaid, leaving a total deficit in the state treasury of 44,2 million euros. This deficit was covered by a decrease in deposits (the remaining money from last year's loans) of 30,7 million euros, new loans of 12,4 million euros, the sale of assets of 400 thousand euros, and 700 thousand euros in income from loan repayments and funds carried over from the previous year.
Were there more VAT refunds?
The statement from the Ministry of Finance, which refers to the budget implementation for January and February, stated that VAT revenues fell by 4,2 million euros, which refers only to the decline in February.
"The dynamics of the collection of value added tax revenues in the net amount are affected by the dynamics of VAT refunds, which have been accelerated by the Tax Administration since the beginning of the year. In this regard, VAT refunds for two months of 2025 amounted to 22,8 million euros, which is as much as 14 million euros more than in the observed period of 2024. The above has a significant impact on stimulating the business environment and eliminating business barriers in the economy," the statement said.
There is no specific data on gross and net VAT collection in official announcements and documents, so it cannot be determined whether there was indeed a higher VAT refund to taxpayers in February for some reason and whether this is the reason for this drop in revenue from the main state tax.
The ministry's statement acknowledges the decline in pension insurance contribution revenue compared to expectations for these two months, but does not explain the reason why this happened.
The ministry did not explain in its statement why other revenues decreased in February.
Revised data from the borrowing plan
Last month, the Ministry of Finance revised the budget execution plan in the part related to loans and borrowings.
The January budget report stated that the state would borrow 700 million euros on the international market in March. However, the government borrowed 850 million euros in March through the issuance of bonds, but that money arrived in the state's account on April 1, when the debt of 509 million was to be repaid. In the February report, which was published after that borrowing, the plan was revised, as a debt of 850 million euros was entered for April.
It was previously reported that the state would borrow 50 million euros in April by issuing bonds on the domestic market for citizens, but now that item has been deleted from the plan.
According to the current plan, the state will borrow 35 million on the domestic market in May.
It was previously reported that the state would borrow another 65 million euros from domestic sources and 70 million abroad in September, but now those items are missing.
The total amount of debt for the entire year remained the same at 1,14 billion.
The debt limit this year is a maximum of 2,3 billion, for budget needs, debt repayment and investments.
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