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Elena Kostovska |
According to the annual budget adopted late December, for this year the government has planned for €2.7 billion ($3.5 billion) and foreseeing various increases in tax revenues.
The planned budget deficit is expected to reach 2.5% of the GDP while the planned GDP growth rate has been set at 4.5%. The business community has been reacting generally positively to the planned allocation of €439 million for capital investments of which a solid portion are being spent on the railway and road infrastructure as well as on improving the existing technological industrial development zones.
The tax revenue is estimated to reach the levels of about €1.4 billion which corresponds to a growth of 7.9% in relation to the fiscal year 2011. This will largely be a result of the expected increase in VAT revenue collection. The government justifies this growth by the expected increase in exports and imports as well as the relative stabilisation of spending. Other tax revenues are also estimated to grow by some 7% with the exception of the customs revenues, which are expected to remain at same levels due to the national policy of their gradual decrease.
Elena Kostovska (elena.kostovska@eurofast.eu)
Eurofast Global, Skopje Office/FYR Macedonia
Tel: +389 2 2400225
Website: www.eurofast.eu
