Revenues from Indirect Taxes are significantly lower in Bosnia and Herzegovina

August 29, 2020 2:15 PM

From January 1st to June 30th this year, the Federal budget generated total revenues of 2,208.9 million BAM, which is 40 percent of the planned Amendments to the FBiH Budget for 2020, it was announced by the Federal Government after the session.

“Tax revenues amount to 1,673 million BAM with a participation of 75.74 percent in the total, non-tax 188.8 million BAM (8.55 percent), and receipts from financing 347 million BAM (15.71 percent).”

They further point out that the comparison of income with the same period last year is not possible, ie it would not be realistic, because the Federal Institute for Pension and Disability Insurance has been integrated into the Budget, so it has almost doubled.

“However, it is noticeable that revenues from indirect taxes are significantly lower compared to the same period in 2019. Namely, these revenues belonging to the FBiH are lower by nine percent compared to the same period last year. Their decline is a consequence of the condition caused by the COVID-19 virus “, is stated from the Government.

The total calculated expenditures for the first six months of 2020 amount to 1,973.8 million BAM, which is 36 percent of the amount planned by the Amendments to the Budget.

Expenditures on a cash basis amount to 1,718.8 million BAM, which is 87 percent of the total calculated. Amendments to this year’s Federal Budget, due to the application of the Law on Mitigation of Negative Economic Consequences, increased expenditures on the position of transfers to other levels of government in the amount of 688 million BAM, of which 488 million BAM is planned as a transfer for economic stabilization, and 200 million BAM as transfer to cantons from IMF funds.

According to the functional classification, the largest amount of funds of 1368 million BAM was spent on social benefits, followed by general public services with the execution of 424.3 million BAM.

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