Tax and contribution growth continues

(Patria) - The Federal Government accepted the monthly review of tax revenue and contribution collection in the FBiH for March 2022 and the period from January 1 to March 31, 2022, prepared by the Federal Ministry of Finance.

In March of this year, the total level of revenue achieved from indirect and direct taxes, and social contributions in the FBiH amounted to 807.9 million KM, which is 25.1 percent or 162.1 million KM more compared to March 2021. On a cumulative level, in the first three months of this year, total revenues from these bases amounted to 2,158.7 million KM, and were 19.1 percent higher compared to the same period in 2021. A positive individual trend was recorded in each category of revenue.

The available portion of indirect tax revenues from the Single Account for the budgets of all users in the FBiH, in March 2022, was achieved in the total amount of 287.3 million KM, which is 28.6 percent higher compared to the same month last year. The distribution of indirect tax revenues to users in the Federation of BiH was carried out according to the methodology prescribed by the Law on the Allocation of Public Revenues in the FBiH, based on coefficients determined by the annual instruction on determining the share of cantons, local self-government units, and competent cantonal road authorities.

Thus, in March 2022, the budget of the Federation of BiH was allocated slightly more than 104 million KM (an increase of 23.1 million KM compared to the same month in 2021). The total share of revenues for distribution to cantonal budgets amounted to 147.2 million KM (an increase of 32.7 million KM), municipal and city budgets 24.2 million KM (an increase of 5.4 million KM). The portion of revenues distributed to road managers amounted to 11.2 million KM and is higher by 2.5 million KM, while the corresponding amount for the City of Sarajevo was 0.7 million KM with an expressed growth of 0.1 million KM.

On a quarterly cumulative level, total available indirect tax revenues amounted to 784.9 million KM, which is 24.8 percent higher compared to the same period last year. Total collected revenues from profit tax in the FBiH in March 2022 amounted to 93.6 million KM, which is an increase of 72.6 percent compared to the same month in 2021. On a cumulative level, in the first three months of 2022, total collected revenues from profit tax amounted to 144.2 million KM and are 44.2 percent higher compared to the same period last year.

The total collection of revenues from mandatory social contributions in March 2022 amounted to 348.1 million KM and is 15.4 percent higher compared to the same month last year. On a cumulative level, these revenues show a collection of slightly more than one billion KM, which is 12.6 percent higher compared to the same period last year. In March, contributions for pension and disability insurance amounted to 195.5 million KM (an increase of 26.7 million KM), for health insurance 136.7 million KM (an increase of 17.6 million KM), and for unemployment insurance 16 million KM (an increase of 2.1 million KM).

Increases were also recorded on a cumulative level, so contributions for PDI are higher by 66.1 million KM, for health insurance by 42 million KM, and for unemployment insurance by 4.6 million KM.