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Ministry of Finance: state budget deficit after February amounted to PLN 47.4 million

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The state budget deficit after February amounted to PLN 47.4 million, said Łukasz Czernicki, chief economist of the Ministry of Finance, in a comment sent to the Polish Press Agency. After January, the budget had a surplus of PLN 11.2 billion.

– After February, the state budget recorded a deficit of PLN 47.4 million – indicated the chief economist of the Ministry of Finance Łukasz Czernicki in a commentary sent to PAP. After January, the budget recorded a surplus of PLN 11.2 billion.

According to Łukasz Czernicki, in February this year. In 2018, state budget revenues were higher by PLN 5.7 billion, i.e. by 17.4 percent. y/y amounted to approx. PLN 38.6 billion. “In the period January-February 2023, the execution of state budget revenues amounted to approx. PLN 93.1 billion and was higher by approx. PLN 1.5 billion (i.e. 1.7 per cent) compared to the execution in the period January-February 2022” – informed the chief economist of the Ministry of Finance.

Czernicki pointed out that VAT revenues in February this year were higher by PLN 3 billion, i.e. 19.8 percent. y/y amounted to approx. PLN 17.9 billion. According to preliminary information, VAT refunds in February this year. compared to February 2022, they were higher by approx. PLN 3.5 billion, i.e. by 26 percent.

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“In the period January-February 2023, the execution of VAT revenues amounted to approx. PLN 43.6 billion and was lower by approx. PLN 4 billion (i.e. 8.5%) compared to the execution in the period January-February 2022. When analyzing data on VAT execution in February 2023 compared to February 2022, the effect of the anti-inflation shield 1.0, which was visible in income in February 2022, should be taken into account. In February 2023, only the shield that is in force affected VAT income in 2023 (food)” – reported Łukasz Czernicki.

In the commentary, he noted that the income from excise duty in February this year. were higher by approx. PLN 0.6 billion, i.e. by 12.3 percent. y/y, and amounted to approx. PLN 5.5 billion. In the period January-February 2023, the execution of excise tax revenue amounted to approx. PLN 12.6 billion and was higher by approx. PLN 1.8 billion, i.e. by 17.1 per cent. compared to performance in January – February 2022.

Weaker PIT results

“State budget revenues from PIT in February this year were lower by approx. PLN 0.3 billion, i.e. by 6.6 percent. y/y amounted to approx. PLN 4.3 billion. Cumulatively since the beginning of the year, i.e. for the period January-February 2023, state budget revenues from PIT were lower by approx. PLN 1 billion, i.e. by 6.6 percent. y/y amounted to approx. PLN 14.3 billion. The weaker execution of state budget revenues from PIT in February compared to the same period of the previous year is mainly due to the reform of the tax system introduced in July 2022, which reduced the tax burden of many taxpayers, said the chief economist of the Ministry of Finance.

He also stated that the state budget income from CIT in February this year were higher by approx. PLN 0.4 billion, i.e. 9.7 percent. y/y amounted to approx. PLN 4.7 billion. In the period January-February 2023, the execution of CIT revenue amounted to approx. PLN 10.1 billion and was higher by approx. PLN 0.6 billion, i.e. 5.9 per cent. compared to performance in January – February 2022.

State budget expenditures in February amounted to nearly PLN 93.2 billion, which is 13.9 percent. the amount planned for the whole year, amounting to PLN 672.5 billion. Compared to the same period in 2022 (PLN 80.4 billion), the state budget expenditure was PLN 12.8 billion, i.e. 16%, higher.

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