Country lost 43 million KM on VAT alone in May!

Last month, gross indirect tax revenues amounted to 485 million KM, which is 30 million less compared to May 2013, Ratko Kovačević, spokesperson for the Indirect Taxation Authority of BiH, told the BH news agency Patria. Catastrophic floods in BiH began on May 13th, after which more than 950,000 people had to leave their homes, and the damages are still being tallied.

- Given that refunds in May 2014 amounted to 95 million KM and were 13 million KM higher compared to May last year, net revenues in May 2014 distributed to users amounted to 390 million KM and are 43 million KM lower compared to revenues distributed to users in May last year. This negative trend in May 2014 is the first result of the floods that hit BiH – says Kovačević.

Otherwise, VAT returns for the month of May are submitted by June 10th, so on June 11th we will know how much lower the revenues are based on VAT in domestic traffic in May.

- In the first five months of 2014, a total of two billion and 399 million KM was collected into the single account of the ITA, which is 103 million more compared to gross revenues collected in the first five months of 2013. Net revenues distributed to users in the first five months amounted to 1 billion and 947 million KM and are 63 million KM higher compared to revenues distributed to users in the first five months of 2013. Refunds in the first five months of 2014 amounted to 452 million KM, and in the same period of 2013, they amounted to 412 million KM – Kovačević explained.