492 million KM of indirect taxes collected in March

In March 2015, the Indirect Taxation Authority collected 492 million KM of indirect taxes, including VAT, excise duties, customs duties, and road tolls, the BiH ITA announced, reports the BiH news agency Patria.

Thus, in March 2015, 38 million KM more were collected compared to March 2014, when 454 million KM were collected. The ITA collected 12 million KM or 3% more than planned funds for this month in March, and this is also the record amount of indirect taxes collected in the month of March since the institution was established.

All types of indirect taxes in March 2015 were higher compared to the same period in 2014. Thus, in March this year, 152 million KM of VAT were collected in domestic transactions, which is 17 million KM more compared to March 2014.

Import duties (customs duties and import VAT) were collected in the amount of 290 million KM, which is 17 million KM more compared to the same period in 2014.  

Also, 3 million KM more were collected from excise duties on imported tobacco products compared to 2014, and 1 million KM more in road tolls.

Based on VAT refunds, the ITA returned 86 million KM to taxpayers in March this year, or one million KM less compared to March 2014, so that net revenues distributed to users in this month amounted to 406 million KM, which is 39 million KM more compared to the funds distributed to the state, entities, and Brčko District in March 2014.

Revenues from indirect taxes in the first three months of 2015 amounted to 1 billion and 443 million KM, and are higher by 48 million KM or 3.4% compared to the same period in 2014.  

The distribution of indirect tax revenues is carried out in accordance with the Law on Payments to the Single Account and Revenue Distribution and in accordance with the decisions of the Management Board on coefficients for revenue distribution to entities. Thus, in the first three months of 2015, the same amount was allocated for financing state institutions as in the previous year, totaling 181 million KM.

In the first three months, 648 million KM were allocated to the Federation of BiH, 323 million KM to Republika Srpska, and 35 million KM to the Brčko District. The remaining funds represent VAT refunds to taxpayers in the first three months of 2015.