Bosnia’s Serb Republic public revenue grew 9% y/y to BAM 516.0mn (EUR 263.8mn) in the first three months of 2014, underpinned by rising tax proceeds, social contributions and other revenue, the Republic’s tax administration office said.
Direct tax revenue rose 3% y/y to BAM 114.1mn in Q1 after shrinking 3% y/y in January-February mainly thanks to higher profit tax proceeds (up 15.0% to BAM 52.3mn). On the other hand, income tax collections, which accounted for nearly a 50% share in total tax revenue, retreated by 5.0% y/y to BAM 56.8mn in January-March.
Revenue from social contributions rose 4.0% to BAM 305.3mn in Q1, easing from a 7% hike in January-February. Health insurance contributions went up 2.0% y/y to 114.6mn, while retirement insurance contributions grew 5.0% to BAM 168.6mn.
Other public revenue climbed 40.0% to BAM 96.0mn in Q1, quickening from a 14.0% y/y rise in January-February. The reading was underpinned by higher income from fees and commissions and other revenue.
The Serb Republic public revenue edged up 0.6% to BAM 2.1bn in 2013, as rising tax and other revenue offset falling social contributions.
The Serb Republic together with the Muslim-Croat Federation makes up Bosnia.
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