Montenegro’s budget records 5.6% more revenues in first six months of 2014

Podgorica, Montenegro (24 July 2014) – In the first six months of 2014, Montenegro’s budget recorded EUR 574.7 million of revenues, which is 5.6% more than it was planned, the preliminary date from the Finance Ministry read.

The positive trend came as a result of the implementation of a fiscal adjustment package, growth in economic activity, as well as better collection of tax revenue due to activities of the competent authorities in fighting against grey economy.

The largest contribution to the revenue growth was recorded in the collection of VAT (EUR 207.4 million), and contributions (180.9 million), which makes an increase of 15.5% compared to the plan.

However, the first half of 2014 saw certain negative deviations from the plan, especially in collecting excise and customs duties, the Ministry of Finance emphasised.