Government sees budget surplus in January
PR dla Zagranicy
Poland’s finance ministry has reported a budget surplus of PLN 8.6 billion (EUR 2.1 billion) in January 2018, which it attributes to higher tax revenue and a healthy labour market.
Photo: Narodowy Bank Polski
Total revenue in January was PLN 35.2 billion (EUR 8.4 billion), whereas total expenditure was PLN 26.6 billion (EUR 6.4 billion).
Compared to January 2017, revenue from income tax was up by 13.7 percent, corporate tax by 11.4 percent and excise tax by 11.8 percent. There was however a reduction in revenue from VAT.
Finance Minister Teresa Czerwińska said: “The higher revenue from income tax is related to the good situation of the Polish labour market … the higher revenue from corporate tax is above all related to our attempts at clamping down on tax avoidance.”
Czerwińska also pointed to high economic growth as another reason for increased tax revenue. Poland’s GDP grew by 5.1% in final quarter of 2017, the best result in ten years.
Under the 2018 budget the government expects to end this year with a deficit of PLN 41.5 billion (EUR 9.9 billion). (sl/vb)