Bad news for the budget as indirect revenues shortfall begins to hit home

According to the data from the Finance Ministry, revenues from excise duties to September totalled zl. 20.3 billion. This year's budget forecast revenues of zl. 30 billion. A shortfall may spell trouble for the budget deficit, but certainly will be politically embarrassing. The main source of excise revenue was to be from taxes on electricity, which was to net zl. 2.3 billion. However, forecasts expect this figure to be only zl. 1.7 billion. The gap is because the tax came into effect later than originally planned. Another shortfall is due to the 30% cut in excise duty on spirit, introduced yesterday. Moreover, VAT revenues will be lower by 1.1% and those from gambling by 12.8%. The Finance Ministry claims that it has improved collecting indirect taxes, and if it has not been for this, then the drop in indirect tax revenues would amount to 1.8% rather than the 1.5% that is presently the case. (Parkiet, p. 8) M.M.