After April this year, the state budget deficit reached 39.9 billion zlotys, or 21.7 percent of the plan for the whole year – the Ministry of Finance reported on Wednesday. This is approximately PLN 16 billion more than last month’s data.
On Wednesday, the Ministry of Finance published data on budget implementation after April of this year. The Ministry’s announcement indicated this The state budget deficit after April 2024 amounted to PLN 39.9 billionThat is, 21.7 percent. The amount of the budget deficit allowed is 184 billion zlotys.
Data from the Ministry of Finance show that in the period from January to April 2024, state budget revenues amounted to about PLN 214.1 billion and were approximately PLN 40.5 billion (i.e. 23.3%) higher than in the same period last year (when they amounted to PLN 173.7 billion, i.e. 28.9 % of plan). State budget tax revenues amounted to PLN 193.7 billion and were higher than in January-April 2023 by about PLN 41.9 billion (i.e. 27.6%).
The highest expenses were recorded in ZUS
State budget expenditures in January-April 2024 amounted to approximately PLN 254 billion, i.e. 29.3%. In the plan, at the same time it was higher by about PLN 70.3 billion (i.e. 38.3%) compared to the same period in 2023 (when it amounted to PLN 183.7 billion, i.e. 26.5% of the plan).
The Ministry of Finance explained this In the first four months of this year. The highest expenditures were recorded in the Social Insurance Institution (56 billion zlotys, i.e. 31% of the plan), for public subsidies to local government units (worth 49.9 billion zlotys, i.e. 42.3% of the plan), and for national defense (27.3 billion zlotys, i.e. 23.3% of the plan). the plan).
The resort explained that The increase in spending on ZUS was related to the implementation of the Family 800 plus programme – From January 1, 2024, the amount of child benefit has been increased from PLN 500 to PLN 800.
“However, with regard to the support transferred to the Social Insurance Fund for the payment of state-guaranteed benefits, the implementation amounted to PLN 13.6 billion and was higher than the implementation after four months of 2023 by PLN 3.0 billion, i.e. by about PLN 27.8 billion,” the Ministry of Finance added in Its statement that in April, an additional annual cash benefit, the so-called Thirteenth Pension, was paid directly from the ZUS budget, which last year was financed from the Solidarity Fund.
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VAT revenues are lower than in 2023
The Ministry of Finance reported that VAT revenues amounted to PLN 99.9 billion and were approximately PLN 15.5 billion (18.4%) higher than in the period January-April 2023, and indirect tax revenues amounted to PLN 27.4 billion and were approximately PLN 2.4 billion higher. (i.e. 9.6%) compared to what was implemented in the period January – April 2023.
“State budget revenues from value-added tax in April 2024 were lower than those obtained from this source in April 2023. Several factors contributed to this decline. First of all, in April 2024, there were negative effects of the statistical rule: in April 2023, high one-time VAT revenues were recorded, and in April of this year. She had disappeared. The effects of the exceptionally large decline in industrial production in March 2024 were also felt, which fell in nominal terms compared to March 2023 by 14.6%. (GUS data)” – informed the Ministry of Finance, explaining that the volume of industrial production determines the position of taxpayers and in the short term affects the amount of income from both VAT and ICT.
“VAT revenues, given the leading role of this tax in the tax revenues of the state budget, receive special attention from the Ministry of Finance. Potentially weak readings of VAT revenues in the following months would create risks to the implementation of the VAT revenue projections included in the budget law.” For the year 2024.” – The Ministry of Finance noted.
This was also reported by the Ministry of Finance Personal income tax revenues amounted to PLN 25 billion It was approximately PLN 8.9 billion (i.e. 54.8%) higher than the implementation in the period from January to April 2023. The corporate income tax in turn brought in PLN 35.1 billion, an amount approximately PLN 14.9 billion (i.e. 74.2%). ) higher than in January-April 2023.
“In the case of ICT income generation, we must also remember that April data is not comparable with the previous year. This year, the deadline for the annual settlement of 2023 was April 2, so this year’s income generation period from January To April includes the annual settlement that was due at the end of June last year.
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