Montenegro reports increased budget revenue in Q1.

By bne IntelliNews March 22, 2013
Montenegro's budget revenue increased by 11.5% y/y to EUR 195mn in the period from January 1 to March 20 due to higher profit tax, social contributions and VAT inflows, news service Portalanalitika.me reported, quoting unnamed source from the finance ministry. On the other hand, customs revenue posted a 40% y/y drop over the period. Revenues from profit tax surged 53.3% y/y and income from social contributions climbed 14.5% y/y. VAT proceeds went up by 11.2% y/y over the period. Revenue from income tax also rose by over 17% supported by the personal income tax hike from 9% to 15% that came into effect in February. Improvement in budget revenues partly reflects low base effects from last year, as the economic activity in the beginning of 2012 was reduced to minimum due to extremely cold weather. The government targets to trim the budget deficit from 4.9% of GDP (EUR 164mn) in 2012 to 2.73% (EUR 95.3mn) in 2013.
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