MARIČIĆ: REVENUES SO FAR 10 PERCENT HIGHER THAN LAST YEAR

BANJA LUKA, DECEMBER 13 /SRNA/ – Director of the Republika Srpska Tax Administration, Goran Maričić, told SRNA that the collection of tax revenues in Republika Srpska by December 8 amounted BAM 4.155 billion, which is 10 percent more than in the same period last year.

He stated that direct taxes were collected at a level 5 percent higher than last year, while personal income taxes increased by 16 percent. Regarding property tax, Maričić noted that collection is 12 percent higher and amounts to BAM 38.7 million, representing direct revenue for local communities. As for other public revenues, Maričić added that collection is about 10 percent higher, with a total of BAM 588 million collected. Maričić said that such results were influenced by wage increases in both the public and private sectors, especially by the Republika Srpska Government’s decisions, such as setting the minimum wage across several categories. “This has produced appropriate results in terms of increased public revenues from contributions and direct taxes,” Maričić said, adding that tax discipline is significantly better than in previous periods. Maričić emphasized that the Tax Administration is carrying out a number of activities to combat grey economy, primarily through intensified inspections in certain professions and types of behaviour. He noted that some studies indicate that the grey economy in BiH amounts to about 25 percent of GDP. “The situation is probably similar in Republika Srpska. We are not burdened by those figures in terms of determining them, but rather focused on carrying out our activities with the aim of reducing that grey zone,” Maričić said in the SRNA podcast. He pointed out that the new fiscalization system significantly contributes to curbing the grey economy. Maričić believes that the stabilization of political conditions in Republika Srpska and BiH provides optimism for stronger economic growth and prosperity, and consequently for increased public revenues. He stressed that the easing of political situation, along with good relations with both the East and the West promoted by the policies of the Republika Srpska authorities, gives hope that investment cycles in Republika Srpska will intensify. “Our economic system is competitive in terms of attracting investments from the West. This gives hope that a significant level of investment and favourable credit financing will arrive, which will open new macroeconomic cycles, create hope for a higher standard of living, and certainly increase public revenues,” Maričić emphasized.