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Budget deficit 2024 – how much is it after April? The Ministry of Finance published new data

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After April this year, the state budget deficit amounted to PLN 39.9 billion, or 21.7 percent of the plan for the entire year – the Ministry of Finance reported on Wednesday. This is almost PLN 16 billion more compared to last month's data.

On Wednesday, the Ministry of Finance published data on budget implementation after April this year. The ministry's announcement indicated that the state budget deficit after April 2024 amounted to PLN 39.9 billion, which is 21.7 percent. the deficit amount allowed in the budget of PLN 184 billion.

Data from the Ministry of Finance show that in the period January – April 2024, state budget revenues amounted to approximately PLN 214.1 billion and were higher by approximately PLN 40.5 billion (i.e. 23.3%) compared to the same period. period of last year (when they amounted to PLN 173.7 billion, i.e. 28.9% of the plan). The tax revenues of the state budget amounted to PLN 193.7 billion and were higher than in the period January-April 2023 by approximately PLN 41.9 billion (i.e. 27.6%).

The highest expenses were recorded in ZUS

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State budget expenditure in the period January-April 2024 amounted to approximately PLN 254 ​​billion, i.e. 29.3%. plan, at the same time they were higher by approximately PLN 70.3 billion (i.e. 38.3%) compared to the same period in 2023 (when they amounted to PLN 183.7 billion, i.e. 26.5% of the plan).

The Ministry of Finance clarified that in the first four months of this year. the highest expenses were recorded in the Social Insurance Institution (PLN 56 billion, i.e. 31% of the plan), for general subsidies for local government units (in the amount of PLN 49.9 billion, i.e. 42.3% of the plan), and for national defense (PLN 27.3 billion, i.e. 23.3 percent of the plan).

The resort explained that increased spending on ZUS were related to the implementation of the Family program 800 plus – from January 1, 2024, the amount of the child benefit increased from PLN 500 to PLN 800.

“However, in terms of the subsidy transferred to the Social Insurance Fund for the payment of state-guaranteed benefits, the implementation amounted to PLN 13.6 billion and was higher than the implementation after four months of 2023 by PLN 3.0 billion, i.e. by approximately 27.8 percent. Moreover, in In April, an additional annual cash benefit, the so-called thirteenth pension, was paid directly from the ZUS budget, which was financed last year from the Solidarity Fund,” the Ministry of Finance added in a statement.

Read also: State budget deficit. The Minister of Finance informed about his condition

VAT revenues lower than in 2023

The Ministry of Finance reported that income from VAT amounted to PLN 99.9 billion and were higher by approximately PLN 15.5 billion (18.4%) compared to the implementation in the period January – April 2023, excise tax revenues amounted to PLN 27.4 billion and were higher by approximately PLN 2.4 billion (i.e. 9.6%) compared to the implementation in the period January – April 2023.

State budget revenues from VAT in April 2024 were lower than those obtained from this source in April 2023. Several factors contributed to this decline. First of all, in April 2024, there were unfavorable effects of the statistical base: in April 2023, high one-off VAT revenues were recorded, and in April this year. they were gone. The effects of the exceptionally high decline in industrial production in March 2024 were also visible, which decreased in nominal terms compared to March 2023 by 14.6%. (Central Statistical Office data)” – informed the Ministry of Finance, explaining that the volume of industrial production determines the situation of taxpayers and in the short term affects the amount of income from both VAT and CIT.

“VAT revenues, due to the leading role of this tax in the tax revenues of the state budget, are subject to special attention of the Ministry of Finance. Possible poor readings of VAT revenues in the following months would create risks for the implementation of the revenue forecast included in the Budget Act for 2024.” – noted the Ministry of Finance.

The Ministry of Finance also reported that Personal income tax revenues amounted to PLN 25 billion and were higher by approximately PLN 8.9 billion (i.e. 54.8%) compared to the implementation in the period January – April 2023. Corporate income tax, in turn, brought PLN 35.1 billion, which is an amount approx. PLN 14.9 billion (i.e. 74.2%) higher than in the period January – April 2023.

“In the case of realization of CIT income, it should also be remembered that the data for April is not comparable with the previous year. This year, the deadline for the annual settlement for 2023 was April 2, so this year's realization of income for the period January – April includes the annual settlement, which was due at the end of June last year,” the announcement said.

Main photo source: Shutterstock

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