The Indirect Taxation Authority (ITA) of Bosnia and Herzegovina (BiH) expects to finish this year with more than seven billion BAM of indirect taxes collected, for the first time since the establishment of this financial institution.
Head of Communications and International Cooperation Unit at ITA Ratko Kovacevic said today at the press conference in Banja Luka that revenues from indirect taxes in the ten months of this year amounted to 5 billion BAM and 845 million BAM, and are higher by 386 million BAM or 7.08 percent compared to the same period last year.
Only in October this year, according to him, 619 million BAM of indirect taxes was collected, which is 25 million BAM more than in October 2016.
After the VAT refunds were paid to taxpayers, in amount of 1 billion and 55 million BAM in 10 months of 2017, with net income of 4 billion BAM and 791 million BAM that was divided between users, state, entities and Brcko District, amounted 4 billion and 791 million BAM and they increased by 224 million BAM compared to the revenues received from the Single Account in the same period last year.
For financing of state institutions, said Kovacevic, the amount of 625 million BAM was allocated. The Federation of BiH received two billion and 659 million BAM, Republika Srpska got one billion and 348 million BAM and Brcko District received 145 million BAM. Kovacevic also confirmed that the growth of indirect tax revenues “covered” the increase of the external debt in 2017.
”We recorded revenue growth with all types of indirect taxes, ” he confirmed.
Based on a special toll for the construction of highways (0.10 KM) in the period from January 1st to October 31st 2017, the Federation of BiH received additional 67.3 million BAM, Republika Srpska 44.5 million BAM and Brcko District 2.3 million BAM.
Also, in May this year, the ITA Steering Committee made a decision on the temporary allocation of revenue from the highway toll, which were on the account of a single account.
This decision is made to temporarily allocate funds of 10 percent of total revenues from the highway toll in the amount of 27.9 million.