For the period of January-July 2015, the indicator of state budget revenues compliance is 58.0% and the indicator of state budget expenditure compliance is 56.3%. These indicators exceed the corresponding indicators of 2014 by 2.4 % points and 2.6 % points respectively.
In this period, the largest source of state budget revenue is still tax revenues (93.5%) and the largest source of tax revenues still remains Value Added Tax (VAT) (45.5%).
For the period of January-July 2015, the largest share of total expenditure (35.1%) was devoted to social benefits.
In January-July 2015, compared to the corresponding period in 2014, state budget revenues increased by 13.3% (542.5 mln GEL) and amounted 4 613.3 mln GEL. In this period, 58.0% of the annual plan was complied with, which means that 42.0% of the planned budget remains to be complied with during the remaining five months of the year (August-December), which seems feasible.
In January-July 2015, compared to the corresponding period in the previous year, state budget expenditures increased by 11.6% (469.6 mln GEL) and amounted to 4 517.0 mln GEL. During these seven months, 56.3% of the planned annual expenditures was realized. Hence, 43.7% of the planned expenditures still needed to be met in the remaining five months of the year, which seems feasible.
In this period, state budget revenues exceed expenditures by 2.1% (96.3 mln GEL).
In January-July 2015, state budget revenues increased by 12.0% (461.9 mln GEL) compared to the corresponding period in 2014 and recorded 4 323.3 mln GEL. The structure of the tax revenues remained the same. The largest source of the tax revenues is still VAT (45.5%), then income tax (26.0%), followed by profit tax (16.1%), excise tax (11.2%) and import tax (1.0%). In this period, the revenues increased from VAT (6.6%), income (15.1%), profit (31.0%) and excise (10.5%) taxes, while the revenue declined from import tax (-28.3%). The latter is due to decline of the volume of import (-10.6%) in the corresponding period.
The compliance rate of planned revenues from each tax category is as follows: VAT – 55.9%, income tax – 57.5%, profit – 73.0%, excise – 53.7% and import – 60.3%. Among them, the compliance indicator of profit tax (by 14.9 % points), import tax (3.1) and income tax (2.5) exceeds the previous year, while excise tax (-5.5 % points) and VAT (-0.3 % points) is lower compared to the corresponding indicators in 2014.