The Tax Administration of the Republic of Srpska collected KM 2.494 billion in public revenue last year, which is a record amount of revenue collected since the administration was established.
Last year’s collected public revenues increased by KM 53.6 million compared to 2018, according to the Srpska Tax Administration.
The statement said that such a situation, in addition to the measures continuously implemented by the Tax Administration with the aim of voluntary filing and payment of taxes, and the automation of business processes through the implementation of the Integrated Information System in the Tax Administration, was influenced by a number of factors last year.
– First of all, there are more measures of the Government of the Republic of Srpska to relieve the economy and improve the position of workers, one of which is certainly an increase in the number of insured persons, an increase in the minimum wage, as well as an increase in the salaries of workers in education and the Ministry of Internal Affairs – said in a statement.
The Tax Administration added that this growth could certainly be partly attributed to the good macroeconomic and political situation in Srpska in 2019.
Last year, contributions amounted to KM 1,574 billion, which is KM 60.7 million or four percent more than in 2018.
During that period, the PIO Fund was charged KM 892 million or KM 30.9 million more, while the Health Insurance Fund was charged KM 564.6 million, which was KM 25.5 million more.
Growth was also recorded in the collection of income from contributions to the Child Welfare Fund, the Employment Service and the Employment Fund for Persons with Disabilities.
Last year, KM 473.4 million of direct taxes was also collected, which is KM 19.2 million or four percent less than in 2018.
The biggest reduction in the collection was in income tax, which was collected in the amount of KM 190.2 million, which is KM 39 million less than in 2018.
The decrease in collection of this income was mostly influenced by the amendments to the Law on Income Tax in terms of increasing the basic personal deduction from 200 KM to 500 KM per month, the statement explains.
Profit tax was collected last year in the amount of KM 238 million or more for KM 17.2 million than in 2018.
Other public revenues amounted to KM 430.7 million or five percent more in the previous year than in 2018.
Observed by regional centers, the largest revenue in the last year, KM 1.228 billion, was collected by the Banja Luka Regional Center.
The tax administration, with gratitude to all taxpayers who duly fulfill their tax obligations, invited all taxpayers to act in accordance with the regulations in force and to discharge their obligations in a timely manner, thus contributing to the strengthening of the Republic of Srpska and its economy.