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Serbia: Budget Deficit Soared by 22.4%

Published: November 28, 2012; 14:59 · (Vindobona)

This development was supported by sharper expenditures enlargement (+8.0% yoy) while fairly small revenue increase (+5.1% yoy), delivering public debt/GDP to 53.8% in September 2012.

Serbia: Budget Deficit Soared by 22.4% / Picture: © Vindobona.org

New fiscal strategy for 2013 with estimates for 2014 an 2015 quite ambitiously envisages that budget deficit/GDP will be trimmed down to 3.5% in 2013 down from 6.8% in 2012. Such plunge in budget gap/GDP is planed to be supported by tax reforms enforced from 1st of October this year (i.e. increased VAT rate from 18% to 20%, excises increase, PIT increase from 10% to 15%, while CIT will…

This article includes a total of 441 words.

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