Poland notches up budget surplus, VAT revenue rockets

The budget surplus totalled PLN 4.9 billion (EUR 1.15 bn, USD 1.38 bn), Deputy Prime Minister and Finance Minister Mateusz Morawiecki told a press conference on Wednesday.

Budget revenue between January and August was up an estimated PLN 20.5 billion on the same period last year.

Revenue from value-added tax (VAT) rose by over PLN 20 billion year on year.

The finance ministry said in March that new laws to crack down on tax cheats targeting the finance sector could see an extra PLN 32 billion flowing into state coffers over 10 years.

The conservative Law and Justice party, which swept to power in Poland’s 2015 general election on a wave of spending and welfare promises, has made a determined effort to tackle tax evasion as a way of boosting the state's revenue.

(pk)

Source: IAR