Montenegrin budget records EUR 151 million in first two months of 2014, 16.3% more compared to last year

Podgorica, Montenegro (1 March 2014) -- Montenegro's budget recorded 151,7 EUR million of revenues in the first two months of 2014, representing an increase of EUR 21,2 million or 16,3% compared to the same period last year, the Finance Ministry underlines in its press release. The collection of the budget revenues exceeds the ambitious plan for the first two months by 6.7% or EUR 9.5 million, the press release stated.

The increase in the VAT revenues of EUR 63.6 million, which is EUR 7.8 million or 14.1% more than it was planned, has made the most significant contribution to the overall increase in the budget revenues.

Fiscal adjustment measures, increase of economic activity and improvement of tax revenues collection aimed at reducing the gray economy are the main reasons for the positive trends in collecting the budget revenues in the first two months of 2014.

A certain decline was registered in funds collected via the excise tax, implying that the excise products market is still generating a considerable amount of the grey economy, the Ministry of Finance’s press release concluded.