After the first half of the year, up to 9.5 billion PLN surplus in the state budget

1 /. Yesterday, the Ministry of Finance issued a communication on the implementation of the budget for the first half of 2018 (January – June), which shows that a budget surplus of 9.5 billion PLN has been reached. Over the period January-June this year, PLN 182 billion (or 51.2%) in planned revenue was made, or PLN 172.5 billion, or 43.4% of planned spending, or a budget surplus of PLN 9.5 billion (the year – end deficit was planned in 2018 for PLN 41.5 billion). Particularly noteworthy is the fact that from January to June there was an increase in revenues of 5 main taxes (VAT, PIT, CIT, excise tax and on gaming and taxes on financial institutions) compared to the corresponding period of the previous year

2 /. During the first six months of the year, all state budget revenues increased by 5.3 billion zlotys compared to the same period of the previous year, with recipes higher than 12.2 billion zlotys (about 7.9%)). After 6 months, we finally see a clear increase in VAT revenues compared to the previous year, although revenues in 2017 were very high (they increased by 4.5% or about 3.6 billion zlotys). In contrast, revenues from the PIT increased by 16.0% from one year to the next (ie about 3.8 billion zlotys). ), while the TCI increased by 18.1% year-on-year (ie PLN 2.9 billion), excise duties and games increased by 5.8% a year. / a (about PLN 1.9 billion) and tax on some financial institutions, 3.7%. y / y.

3 /. As the Ministry of Finance points out in the statement earlier than the previous year, IRP revenues result from the good situation in the labor market as well as the increase in taxes of people carrying on a commercial activity. On the other hand, after 6 months and more than 18.1% (over PLN 2.9 billion), CIT's earnings prove that the clause prohibiting tax evasion works better and that entrepreneurs do not want to risk tax audits. In contrast, non-tax revenues after six months of 2018 amounted to about 13.6 billion zlotys and were 7.1 billion zlotys (34.1%) lower than the same period of the same period. 39; previous year because there was no payment in 2018 NBP profit, and such a payment of PLN 8.7 billion occurred in June 2017. All this means that tax and non-tax revenue after the first six months of 2018 are significantly higher compared to the same period last year, despite the fact that the income of the time was a "high base" for such a comparison

4 / . As we have already mentioned, the execution of expenditure after 6 months 2018 amounted to 172.5 billion PLN, or 43.4% of the plan and was lower from 2 billion to 2 billion PLN compared to the previous year (170.8 billion PLN – 44.4% of the plan). As explained by the Ministry of Finance, the lower expenditure in January-June is due to lower subsidies than expected from the budget of the Social Insurance Fund (minus 5.6 billion zlotys), thanks to a good situation in the labor market and. With much higher tax and non-tax revenues and lower spending after 5 months 2018, the state budget generated a surplus of PLN 9.6 billion, confirming the good state of the economy Polish economy, high economic growth and low unemployment. Of course, by the end of the year in the budget for 2018, there will be a deficit, but its final implementation will likely be lower than expected, it is estimated that it will reach about 50% of the planned budget (remember the deficit at the end of the year is PLN 41.5 billion