In the period of January-October 2021, the state budget revenues amounted to PLN 405.7 billion, and PLN 353.8 billion was spent, the budget recorded a surplus of PLN 51.9 billion, according to information from the Minister of Finance, Tadeusz Kościński, released to PAP on Friday. Is that okay? Not completely. This data does not take into account the money that the government spends through its financial institutions, i.e. BGK and PFR. Moreover, the increase in budget revenues is mainly the result of inflation.
- In October alone, the budget recorded PLN 4.3 billion of a surplus of income over expenditure
- That was before the transfers for the fourteenth pensions
- From January to October, the surplus increased to PLN 51.9 billion
- The data do not include the amounts issued by BGK and PFR from the debt incurred, which is guaranteed by the State Treasury
- Mainly the revenues from VAT and CIT increased. PIT revenues grow slower
- You can find more such information on the Onet homepage
– In October 2021, the state budget revenues were higher by approx. PLN 6.1 billion, i.e. 15.5%. yy and amounted to PLN 45.6 billion – the head of the finance ministry informed. Simultaneously expenditures amounted to PLN 41.3 billion, i.e. they were higher by 9.3%. Every year.
This translated into a budget surplus in October, PLN 4.3 billion. September was better for the budget, as it ended with a surplus of PLN 47.6 billion.
According to the data presented, in the period January-October 2021, the execution of state budget revenues amounted to PLN 405.7 billion and was higher by PLN 61.7 billion, i.e. by 17.9 percent compared to the performance in the period January-October 2020. Expenditure amounted to PLN 353.8 billion compared to PLN 356.04 billion a year ago. At the end of October, a surplus of PLN 51.9 billion was recorded in the budget from the beginning of the year.
The problem is that these amounts do not include the expenses of Bank Gospodarstwa Krajowego and the Polish Development Fund. Only in the first half of the year their debt increased by PLN 25.1 billion compared to the end of last year, and since the beginning of the pandemic by as much as PLN 194.7 billion. At the end of June, as much as PLN 249.4 billion of public debt was issued outside the state budget. That’s 17.8 percent. from the total debt of PLN 1,401 billion.
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The presented data show that VAT revenues in October this year. were higher by PLN 2.4 billion, i.e. by 12.7 percent. yy and amounted to PLN 21.4 billion. On the other hand, in the period January-October 2021, the implementation of VAT revenues amounted to PLN 179.5 billion and was higher by PLN 29.5 billion (i.e. 19.7%) compared to the performance in the period January-October 2020
This is one of the effects of inflation. Recall consumer prices increased by 6.8 percent. in October. VAT is charged on the sales value, so tax revenues increase with increasing prices.
Income from excise tax in October this year. were higher than the revenues in October last year by PLN 0.1 billion (1.7%) and amounted to PLN 6.6 billion. “In the period January-October 2021, the excise tax revenue amounted to PLN 61.2 billion, i.e. more by PLN 2.8 billion (i.e. 4.9%) compared to the period January-October 2020.” – reported MF.
According to the data of the Ministry of Finance, state budget income from PIT in October this year. were higher by PLN 0.5 billion, i.e. by 7.9 percent yy and amounted to PLN 6.8 billion. In the period of January-October 2021 PIT income amounted to PLN 58.7 billion and was higher by PLN 7.4 billion, i.e. by 14.4%
On the other hand, the state budget revenues from CIT in October this year. were higher by PLN 1.1 billion (by 30.8% y / y) and amounted to PLN 4.7 billion. In the period January-October 2021, CIT revenues reached PLN 42.6 billion and were higher by PLN 8.5 billion (i.e. by 25 percent) compared to the performance in the period January-October 2020
This year’s budget act originally envisaged that the state’s revenues in 2021 would amount to PLN 404.4 billion, and expenditures PLN 486.7 billion, which would mean a maximum deficit of PLN 82.3 billion. The amendment passed by the Sejm at the beginning of October assumes that the state’s revenues this year will amount to almost PLN 483 billion, and expenditures to PLN 523.4 billion, which means deficit at the end of the year in the amount of PLN 40.4 billion.
By October, 84 percent of the income was realized, and the expenses – 67.6 percent. Withdrawals of fourteen began in November, so the level of spending will increase. Until November 20, PLN 7 billion was allocated to it, and benefits were received by 6 million people, ultimately 9 million.