Montenegro's budget revenues up 11% y/y in Jan-Feb 2013.

By bne IntelliNews March 5, 2013
Montenegro's budget revenues increased by 11.1% to EUR 129.4mn in the first two months of the year mainly due to higher VAT proceeds, the finance ministry said in a statement. Revenues from VAT rose by 17% y/y to EUR 50mn, exceeding by over 11% the plan for the year, the statement read. Direct tax revenues, including income tax proceeds and social contributions, also increased by 14% y/y to EUR 48.8mn. The ministry said that the improvement in budget revenues reflects an increase in economic activity as well as the positive impact of the government's measures to combat the shadow economy. The statement gave no figures on the Jan-Feb budget expenditures and budget balance. In 2013, the government targets a budget deficit of EUR 95.3mn or 2.73% of the projected GDP.

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