Despite the increasing trend in revenue, problems regarding the 2011 budget still remain. Income for the Jan-Nov period was increased by 4.8%, improved in comparison with the Jan-Oct rate (3.7%), but it stays clear from the set target of 6%.
Tax closure had been proved salutary solution in November when the rate of change of VAT receipts ceased to increase. There was an increase of 10.4% in November compared with the increase of 15% in October. During the same period, tax refund decreased by 2.7%, while the government targeted for an increase of 3%, the Ministry of Finance announced.
Government’s officials are concerned by the expenditures diverging from the target. Specifically, expenditures decreased by 6.5% in the 11-month period but the annual target is set at 7.5%. The gap has widened as the deviation in the 10-month period was at 7.1%.
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