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2004 budget revenue up 22 percent year-on-year, Finance Minister says
Novi Sad,
8 December 2004
Serbian Minister of Finance Mladjan Dinkic said that Serbia's budget deficit this year will stand at two percent of GDP, reaching the lowest level in the country's modern history.
Addressing a press conference in Novi Sad today, Dinkic explained that the low deficit was mainly due to the government's budget savings measures and improved tax collection.
The introduction of fiscal cash registers helped boost 2004 budget revenue 22 percent from a year earlier, the Minister added.
Public revenue in January-November reached 540 billion dinars, compared with 450 billion dinars in the same period of 2003, he went on to say, adding that the state reported a 23 percent increase in sales tax revenue and a 28 percent growth in cigarette excise tax revenue.
Dinkic noted that the 2005 budget will not suffer if the state fails to raise revenues from the sale of mineral water producer Knjaz Milos, stressing that Jubanka sell-off receipts will cover 50 percent of next year's budget gap.
Speaking about the privatisation of state-owned banks, Dinkic said that the sale of Novosadska Banka has attracted six foreign banks -- two banks from Greece, two from Italy and one each from Austria and the United Kingdom. According to him, the tender is to be completed by spring.
The government is also due to select an advisor in the sale of Panonska Banka, the minister said, adding that a tender is expected in the third quarter of 2005.
The introduction of fiscal cash registers helped boost 2004 budget revenue 22 percent from a year earlier, the Minister added.
Public revenue in January-November reached 540 billion dinars, compared with 450 billion dinars in the same period of 2003, he went on to say, adding that the state reported a 23 percent increase in sales tax revenue and a 28 percent growth in cigarette excise tax revenue.
Dinkic noted that the 2005 budget will not suffer if the state fails to raise revenues from the sale of mineral water producer Knjaz Milos, stressing that Jubanka sell-off receipts will cover 50 percent of next year's budget gap.
Speaking about the privatisation of state-owned banks, Dinkic said that the sale of Novosadska Banka has attracted six foreign banks -- two banks from Greece, two from Italy and one each from Austria and the United Kingdom. According to him, the tender is to be completed by spring.
The government is also due to select an advisor in the sale of Panonska Banka, the minister said, adding that a tender is expected in the third quarter of 2005.
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