State budget revenues in January-June this year amounted to around PLN 263.6 billion and expenditures to PLN 235.9 billion, the Finance Ministry said. The budget surplus after June amounted to PLN 27.7 billion. Medium-sized and large companies earned the most from the state budget, with CIT revenues increasing by more than 40 per cent. This means that it is not inflation that generates the main revenues.
As announced by the Ministry of Finance, in January-June 2022, Poland’s budget revenue reached PLN 263.6 billion and was PLN 29.7 billion, or 12.7% higher compared to the same period of 2021. State budget tax revenue was higher by approximately PLN 31 billion year-to-year.
In June this year, state budget revenues were higher by about PLN 1.2 billion, or 2.2%, year-to-year – and amounted to about PLN 53.7 billion, the Ministry said.
In January-June 2022, the implementation of VAT revenues amounted to approximately PLN 110.8 billion and was higher by approximately PLN 9.2 billion (i.e., 9.1%) compared to the implementation in January-June 2021. Revenue from excise in the first half of this year amounted to approximately PLN 37.8 billion and was higher by approximately PLN 4.1 billion (i.e., 12%) compared to the same period last year, according to the Ministry of Finance.
Also, high growth rates were recorded in income taxes. Cumulatively from the beginning of the year, i.e., for the period January-June 2022, state budget revenues from PIT were higher by PLN 4.6 billion, i.e., by 13.6% year-to-year and amounted to PLN 38.1 billion. What’s interesting, the implementation of CIT revenues in the first half of the year amounted to approximately PLN 36.8 billion and was higher by approximately PLN 11.3 billion (i.e., 44.3%) y-o-y.
An increase in inflation has always increased nominal budget revenues – but these figures leave no doubt. Medium-sized and large companies earned the most from the state budget.
“Thanks to the June payment to the budget of the National Bank of Poland’s profit for 2021 in the amount of PLN 10.4 billion, we had a strong increase in non-tax revenues, which contributed to a temporary budget surplus after the first half of the year in the estimated amount of PLN 27.7 billion,” Finance Minister Magdalena Rzeczkowska informed in a commentary on the data.
June’s surplus was boosted by the central bank’s annual profit payout, which amounted to PLN 10.4 billion. Most of the sum, PLN 9.6 billion, will finance the recently-passed subsidies for heating coal for households.
The data shows that the implementation of state budget expenditure in January-June 2022 amounted to PLN 235.9 billion, or 45.2% of the plan. Compared to the same period in 2021 (PLN 206.0 billion), state budget expenditure was higher by PLN 29.9 billion, or 14.5%.