Deloitte: Poland enters the phase of economic expansion

The divergence of economic moods in Poland...

Two Years On: War in Ukraine and Its Global Impact

On February 24, 2022, a full-scale Russian...

Ministry of Finance Reports Budget Deficit of 39.9 Billion PLN in Poland (as of April)

ECONOMYMinistry of Finance Reports Budget Deficit of 39.9 Billion PLN in Poland (as of April)

The budget deficit after April amounted to 39.9 billion PLN, the Ministry of Finance announced in a statement. As noted, this is 21.7% of the plan for 2024.

The Ministry of Finance reports that budget revenues amounted to 214.1 billion PLN, which is 31.4% of the plan. Expenditures amounted to 254 billion PLN, or 29.3% of the plan. After April, state budget revenues were approximately 40.5 billion PLN higher (i.e., 23.3%) compared to the same period last year (173.7 billion PLN, or 28.9% of the plan).

Revenues from VAT amounted to 99.9 billion PLN and were approximately 15.5 billion PLN higher (18.4%) compared to the period January-April 2023. Revenues from excise tax amounted to 27.4 billion PLN and were approximately 2.4 billion PLN higher (i.e., 9.6%) compared to the period January-April 2023. Revenues from PIT amounted to 25.0 billion PLN and were approximately 8.9 billion PLN higher (i.e., 54.8%) compared to the period January-April 2023. Revenues from CIT amounted to 35.1 billion PLN and were approximately 14.9 billion PLN higher (i.e., 74.2%) compared to the period January-April 2023.

In the period January-April 2024, non-tax revenue amounted to 20.4 billion PLN and was approximately 1.3 billion PLN lower (i.e., 5.8%) compared to the period January-April 2023. State budget revenues from VAT in April 2024 were lower than those obtained from this source in April 2023.

“This decline was due to several factors. Firstly, in April 2024, there were unfavorable statistical base effects: in April 2023, there were high one-time VAT revenues, whereas in April this year, they were no longer present. There were also effects of an exceptionally high decline in industrial production in March 2024, which fell nominally by 14.6% compared to March 2023 (GUS data). The level of industrial production determines the situation of taxpayers and affects the amount of revenues from both VAT and CIT in the short term,” the Ministry of Finance wrote.

Check out our other content
Related Articles
The Latest Articles