21:55 15 May 2024
State Budget Deficit Hits PLN 39.9 Billion After April 2024
The Ministry of Finance disclosed that the state budget deficit reached PLN 39.9 billion post-April 2024, constituting 21.7% of the annual projected deficit. Notably, VAT revenues fell below expectations, posing risks to revenue forecasts for 2024. Although state budget revenues surged by approximately PLN 40.5 billion compared to last year, VAT revenues in April 2024 declined from April 2023 due to statistical base effects and reduced industrial production. The Ministry emphasized the significance of VAT revenues, being a primary income source, warranting vigilant monitoring. Despite increased borrowing needs, higher revenues from personal income tax and corporate income tax were recorded, partly attributed to changes in tax policies.
