The budget revision lowers the revenue plan for the last two months of 2023

2023-11-30 13:53:13Biznes SHKRUAR NGA REDAKSIA VOX

The budget revision lowers the revenue plan for the last two months of 2023

The revision of the 2023 budget, with a normative act that entered into force in October, reduced the revenue plan for the last two months of November, December 2023. According to comparative data from the Ministry of Finance, the tax revenue plan for the two months of at the end of the year, it was revised with a decrease of about 4.3 billion lek or about 40 million euros.

For the month of November, 54.3 billion ALL tax revenues were expected to be collected, while with the revision, the plan fell to 52.5 billion ALL. Also, for the month of December, the revenue plan was revised down from ALL 55 billion to ALL 52.4 billion.

The downward revision in the last two months was also due to weaknesses in VAT collections from customs. The decrease in the prices of goods in the international market have reduced the VAT revenues at customs in the 10th month of 2023 by about 6% compared to the same period of 2022. The revenues from VAT on imports, for the 10th month, result in 120.8 billion ALL , 8 billion ALL or 6.2% less than the same period of the previous year, as well as 452 million or 0.4% less than the plan for the 10th month of 2023.

The total income, for the 10th month of 2023, was realized in the amount of 530.6 billion Lek or 99.6% of the plan for the same period. Compared to a year ago, revenues increased by ALL 54.49 billion or 11.4% more.

The lowest fiscal burden for this year was in February, while the month with the highest burden is December.

The monthly distribution of the income plan follows the annual cycle of the economy. In the first months of the year, especially in the first quarter, the budget revenue plan aims at lower receipts due to the weak consumption that is usually in this period.

With the warming of the weather and the start of the tourist season at the end of spring, economic activity develops with greater intensity, especially in the service sector. Consumption and employment improve and therefore the incomes planned after the month of June come and increase.

The fiscal burden comes and intensifies especially in the last three months of the year, to culminate in the month of December as a result of the impact that the last holidays of the year have on consumption.

 


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