VAT Revenue Fell 20% in March Due to Lockdown

By , 17 May 2020, 10:34 AM Business
VAT Revenue Fell 20% in March Due to Lockdown JL Flanner

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STA, 16 May 2020 - Revenue from VAT in March, when most shops closed as Slovenia went into lockdown on 16 March, dropped to EUR 187 million, down nearly 30% over February and 19% over March 2019, the latest data from the Financial Administration (FURS) showed.

Almost EUR 705 million in VAT was meanwhile collected in January and February, up 4.8% from the same period last year.

The majority of shops, except groceries, pharmacies and petrol stations, closed in the middle of the March after the coronavirus epidemic was declared.

Eurostat statistics realased earlier this month showed the entire EU retail sector was severely affected by lockdown in March at monthly and annual levels.

Slovenia's posted an annual drop in sales of 15.1%, the second steepest fall in the entire EU, behind France (-16%), which compares to the average EU drop of 8.2%.

At the monthly level, Slovenia's drop in retail sales hit 13.5%.

Shops have been gradually reopening since mid-March, with all allowed to reopen on Monday, 18 May.

Nevertheless, analysts do not expect consumption to pick up anytime soon.

Slovenia's domestic consumption increased by 2.7% in 2019, but the government's macroeconomic forecaster, IMAD, expects it to drop by 3.1% this year and a further 0.4% in 2021.

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