Statement of the Ministry of Finance on the occasion of generating source revenues of the Budget of Montenegro and state – owned funds, for the period from 1st January to 31st May 2010

Source budgetary revenues of Montenegro and state – owned funds in May 2010, were generated in the amount of 89.63 million €, which is above the plan for the aforementioned month. The source revenues of the Budget of Montenegro and the state – owned funds for the period January - May 2010, amount to 397.81 million € and are bellow the planned ones by 5.56%. The structure of budget revenues and state – owned funds up to this period is as following: tax revenues collection was generated in the amount of 368.9 million €, out of which direct taxes were collected in the amount of 168.6 million €, while the collection of indirect taxes amounted to 200.4 million €. Income taxes amounted to 245.33 million € and are by 8,79% below the planned ones. The reason of lower generated tax based revenues are the weaker collection of the corporate profit tax, excise duties and property taxes. The lower collection of corporate profit tax was generated due to lower profit of legal entities in 2009, due to changes in legislation relating to the abolition of per - payment of corporate profit tax. Lower excise duties collection was generated due to the decreased petroleum products turnover, whereas the collection of excise duties was generated above the last years level. Collection of VAT, was generated as planned, in the amount of 132.7 million €. Contribution based revenues amounted to 123.65 million €, which is by 7,58% higher than planned for 5 months in 2010. Although the MONSTAT’s data are indicating that the period from January to April there was a decrease in imports by 8.9% against the same period last year, the collection of taxes on international trade and transactions was generated by 11% above the plan. Increased collection of taxes on international trade and transactions was generated mainly due to the collection of residual customs debt in the previous period. Collection of non-tax revenue was generated in the amount of 28.8 million € (22.7% bellow the plan), out of which the duty based revenues were collected in the amount of 8.23 million €, fee based revenues were collected in the amount of 8.25 million €, and other revenues were collected in the amount to 10.86 million € and receipts the from repayment of loans were collected in the amount of 1.49 million. €. Compared with the realization in the first five months of last year, the source revenues of the budget and state - owned funds are at the level of last years realization. Please note that in March 2009, we had 11 million € of revenues from the repayment of loan by the Prva Banka.