July Records Lowest Budget Deficit since Year Started

BELGRADE - Serbia's consolidated budget deficit amounted to RSD 2.3 billion in July, which is the lowest level since the beginning of the year. The Serbian Ministry of Economy and Finance stated on Thursday that this indicates that the budget stabilization measures have yielded visible results in two consecutive months, the statement said. July Records Lowest Budget Deficit since Year Started The introduction of strict financial discipline and zero tolerance to evading taxes ensured record budget revenues in the last two months, which recorded the greatest collection of the VAT and excises since the beginning of the year and high payment of contributions for mandatory social insurance, the statement said. In seven months of 2013, the budget deficit totaled RSD 83.3 billion, which is 26 percent less compared to the same period in 2012. If the zero tolerance to tax evasion continues, it is realistic to expect that there will be greater budget revenues by the end of the year, which will make the deficit much lower compared to the budget review projection (RSD 198.9 billion), the statement reads. Tanjug

July Records Lowest Budget Deficit since Year Started

The introduction of strict financial discipline and zero tolerance to evading taxes ensured record budget revenues in the last two months, which recorded the greatest collection of the VAT and excises since the beginning of the year and high payment of contributions for mandatory social insurance, the statement said.

In seven months of 2013, the budget deficit totaled RSD 83.3 billion, which is 26 percent less compared to the same period in 2012.

If the zero tolerance to tax evasion continues, it is realistic to expect that there will be greater budget revenues by the end of the year, which will make the deficit much lower compared to the budget review projection (RSD 198.9 billion), the statement reads.