Revenues from indirect taxes in BiH decreased by 325 million KM in five months

Revenues from indirect taxes in BiH decreased by 325 million KM in five months

BANJA LUKA, June 3 (FENA) – Revenues from indirect taxes in Bosnia and Herzegovina in the first five months of this year amounted to two billion and 880 million KM and are lower by 325 million KM or 10.14 percent compared to the same period last year when they amounted to three billion and 205 million KM, the Indirect Taxation Authority (ITA) of BiH announced.

They emphasize that in the first five months of this year, the ITA returned 528 million KM to the economy, which is 99 million KM less compared to the same period last year.

The ITA explains that the net revenues collected, which were distributed to beneficiaries in the first five months of 2020, namely the state, entities and the Brčko District, amounted to two billion and 352 million KM and were lower by 227 million KM compared to revenues that beneficiaries received from the Single Account in the same period in 2019.

In May this year, 487 million KM of indirect taxes were collected, which is 228 million KM less than in May 2019.

“The drop in revenues from indirect taxes was caused by the COVID 19 virus pandemic,” the ITA stated.

In May 2020, there was a decrease in the import of goods in BiH, which affected the decline in revenues based on import duties, and due to reduced final consumption, revenues based on VAT in domestic traffic also dropped significantly.

They recall that many economic activities operated at reduced capacity, or did not operate at all at the time of the pandemic caused by COVID 19.