Bosnia’s Jan-Feb indirect tax revenue rises 6.5% y/y to EUR 481mn

By bne IntelliNews March 6, 2014

Bosnia’s gross indirect tax revenue grew 6.5% y/y to BAM 940.5mn (EUR 480.9mn) in January-February 2014, news service Capital.ba reported quoting Sabina Kursumovic from the country’s Indirect Taxation Authority (UIO)’s risk analysis department.

VAT proceeds increased by BAM 43mn y/y in the first two months of the year and had the biggest share in total indirect tax revenue, Kursumovic noted without providing an exact figure. VAT refunds went up 3% y/y to BAM 145.6mn in January-February, she added.

The income from custom duties climbed 14.4% y/y, while revenue from excises duties went up 3.8% y/y, Kursumovic underscored. Revenue from road fee also increased by 15.1% over the period.

Bosnia’s gross indirect tax revenue edged up 0.2% y/y to BAM 5.9bn (EUR 3bn) in 2013 after inching down 0.1% in 2012. In net terms, however, the 2013 indirect tax income shrank 2% to BAM 4.9bn as tax refunds grew 12.9% over the period to BAM 997mn, according to IntelliNews calculations. The rise in VAT refunds last year was triggered by increased claims of international organisations involved in major infrastructure projects such as the construction of the Corridor Vc, the UIO has said earlier. In addition, taxpayers preferred tax refunds over tax credits due to financial difficulties.

Indirect tax revenues in Bosnia, which include a broad-based VAT and excise taxes, are collected on a national level and then distributed by the UIO between the central-state institutions and the entities according to a rules-based mechanism. These revenues form the largest tax base in both the Federation and the Serb Republic and compose the bulk of the state-level revenues.

Indirect taxes account for over 40% of Bosnia’s consolidated budget revenue and for around 20% of GDP, according to IMF data.

 

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