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330 Million Euro Less in the Budget This Year

croatian kuna petr kratochvilCroatia’s total budget revenue in the period from 1 January to 31 August 2013 amounted to 70.2 billion kuna (9.5 billion EUR), which is 2.5 billion kuna (330 million EUR) or 3.5% less than in the same period last year, the Ministry of Finance announced yesterday.

The Ministry of Finance explained that the decline in the budget occurred because entrepreneurs are investing more profits back into the business and therefore are paying less taxes, and also because of Croatia’s recent entry into the European Union, as VAT is no longer paid on imports from the EU.

“Revenues from value-added tax, which amounted to 26.4 billion kuna decreased by 335 million as a result of entering the EU,as there was a one-month shift payment of tax on import of goods, amounting to 1.4 billion kuna in August. The largest expected decrease was recorded in income tax expense, which amounted to 3.8 billion kuna or 1.8 billion kuna less than the previous year, primarily as a result of tax incentives that allow businesses to not pay this tax if they reinvest their profits. All other revenues are realised, and mostly better than the same period last year, and in accordance with an annual plan,” said the Ministry.

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