25% Less Tax Collected in April Due to Lockdown

By , 20 May 2020, 12:42 PM Politics
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STA, 19 May 2020 - The Financial Administration (FURS) collected EUR 1.2 billion in April, which is 25% less than in the same month last year, the drop being attributed to the slowdown of business due to the coronavirus epidemic. A 4% drop in collected taxes and other levies was already recorded in March, half of which was affected by the anti-epidemic measures.

FURS collected EUR 573 million in taxes last month, which is over two-fifths less than in April 2019. The amount of income tax collected was down by 55%, which includes an almost 80% drop in corporate income tax collected.

The drop in the collected value added tax (VAT) in the month in which a majority of shops were closed was somewhat smaller, with EUR 228.1 million in VAT being poured in the national budget, or 35.5% less than in the same month last year.

While the amount of the collected VAT was growing in the first two months of the year, it dropped by almost 30% in March compared to February to EUR 187 million. It increased again in April but did not reach the February level.

As more shops were being gradually opened, with those with the surface of up to 400 sq metres being opened on May and all shops being opened as of Monday, a growth in the collected VAT on the monthly level is expected in May.

FURS also collected EUR 390 million in social security contributions in April, which is more than a third less than in March and in February, reflecting the situation on the labour market.

By last week, the number of the unemployed person increased to more than 90,000, and the steepest growth was recorded in the first half of April.

In the first four months of the year, FURS collected a total of EUR 5.5 billion, which is EUR 298.8 million or 5.2% less than in the same period in 2019. Tax revenue was down by 12.7% to EUR 2.8 billion, and social security contributions by 3.5% to EUR 2.2 billion.

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