FBiH Tax Administration: Public revenues of 1,776,237,523 KM collected in five months

The Tax Administration of the Federation of BiH informs the public that in the period January – May 2016, public revenues in the amount of 1,776,237,523 KM were collected, which is 176,454,095 KM or 11.03% more than in the same period in 2015.

Direct taxes and contributions collected in this period amount to 1,775,347,517 KM, which is an increase of 176,062,046 KM or 11.01% compared to the same period in 2015.

In May 2016 compared to May 2015, the collection of all types of direct taxes increased by 14.15% or 42,726,761 KM, as follows: property tax collected in the amount of 13,133,523 KM, which is over 99% more or 6,536,830 KM;
corporate income tax in the amount of 17,723,781 KM, which is an increase of 27.71% or 3,845,510 KM, of which the collection of corporate income tax from banks and financial institutions increased by 49.99% or 1,241,660 KM, and corporate income tax from enterprises by 22.85% or 2,603,850 KM.

Personal income tax was collected in the amount of 29,281,620 KM, an increase of 31.5% or 7,014,985 KM.

In the observed period, the collection of contributions for pension and disability insurance, health insurance, and unemployment insurance also increased. A total of 234,348,315 KM was collected, which is 7.96% or 17,285,295 KM more compared to May 2015. By contribution structure, growth was recorded in all types, as follows: contributions for PIO/MIO by 10.08%; contributions for health insurance by 4.99%; contributions for unemployment insurance by 9.38%.

The FBiH Tax Administration will continue to undertake measures and actions within its competence aimed at collecting public revenues.

However, for the first time this year, a decline in total revenue and contribution collection is recorded in the reported month compared to the previous month, i.e., in May 2016 compared to April 2016, 11.64% or 45,416,890 KM less was collected.

The reasons for the decline in revenues in May 2016 compared to April 2016 are largely the result of the fact that the collection of corporate income tax revenues always increases in April, because corporate income tax returns are submitted by the end of March, after which a large number of taxpayers make corporate income tax payments. During this period, the collection of personal income tax and property taxes also increases.

This situation also occurred during 2015, when in May compared to April, collection fell by about 12%. In 2014, it was about 15%, and in 2013, about 7% decline. What is positive is that collection is growing and that April 2016 had the highest collection in the last three years, which is otherwise typical for this month.