Finance minister: Taxation must expand

Serbia's Minister of Finance Dušan Vujović said on Tuesday taxation would have to expand in order to save more money.

Izvor: Tanjug

Wednesday, 17.09.2014.

09:26

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Finance minister: Taxation must expand

The excise tax on petroleum products has gone up this year, so the government will get RSD 123 billion instead of RSD 113 billion, he pointed out.

On the other hand, the projected revenue from the tobacco excise tax was RSD 99.4 billion, but will be at RSD 79.5 billion, he noted.

In order to increase budget revenue, it would be better to collect from more people than to raise the VAT, he remarked.

The government will not be trying to squeeze out revenue by raising the VAT, he said, adding that he did not want to place even more burden on those who are already paying their taxes honestly.

One of the fields that need new regulations is the collection of taxes related to alcohol production, Vujović stated.

The participants of the meeting presented estimates that put the annual budget loss caused by the gray economy at around EUR 3 billion.

Deputy head of Tax Administration Marko Marinković, who was also appointed director of that agency recently, said that Tax Administration was now focused on fighting the gray economy as a priority.

"We are mostly working on monitoring public revenue, as well as the business of large catering facilities," he stated, adding that the Tax Administration, police, labour inspectorate and ministries would work together to fight the gray economy.

Member of the Fiscal Council Pavle Petrović said it would be realistic to expect to save EUR 300-350 million over the next three years by reducing the size of the gray market.

According to the participants of the meeting, the plan is tp cut salaries in the government sector and pensions, improve the fiscal system, reorganize the Tax Administration and increase the efficiency of government companies in the next three years, thereby lowering the budget deficit from EUR 2.5 to 1 billion.

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