EC Report: Albania doesn't know how to collect revenues
Subscribe for our daily news via e-mail:
Your e-mail:      Now, check your e-mail and confirm subscription!
The European Commission noted that Albania cannot collect budget revenues. In the quarterly report on economic developments in the candidate countries, the European Commission finds that from January to November, budget revenues reduced far below the target.

The report notes that the absence was caused mainly by lower revenues from VAT (3.8% under plan) and excise (10.2% less).

However, the extent to which spending has not been implemented has been even greater, 7.9%. "The lack of spending was broad-based, affecting operating costs, spending on social security and the costs of local government, but the biggest contribution came from non-realization of capital expenditure (18.2% below target), pointing to the ongoing problems regarding the management of public investments," the report reads.

Overall, the budget deficit in the first eleven months was 40%, lower than planned and amounted to 1.7% of GDP. However, public debt has continued to grow. It stood at 73.6% of GDP in the third quarter.

The Parliament approved the 2016 budget on Dec. 17th. It is based on the assumption that nominal GDP will grow by 6.2% and targets a headline deficit of 2.2% of GDP and a primary surplus of 0.6%, mainly by strict control of expenses and increase in revenues through better management. Tax adjustments will play only a minor role. / Monitor/
Published on: January 25, 2016 - 8:26 pm
Latest articles
Shkruani komentin tuaj!