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Ekonomia

Rising prices fill the state coffers, citizens lose as the government wins, about 45m extra euros raised in March alone

Rising prices fill the state coffers, citizens lose as the government wins,

March has brought a new wave of price increases in our country, with official figures from the Institute of Statistics that speak of an inflation rate at 5.7%, the highest level since 2002. Significant price increase, especially that of hydrocarbons has caused a chain effect in all other sectors leading to many reactions, especially to the government, to intervene by mitigating this effect somewhat. One of the points where the intervention was requested by experts in the field and civil society is exactly the level of VAT. Meanwhile, the Albanian government has left no trace so far for such an intervention. But the latest figures from the Ministry of Finance and Economy show that there is room. Gross VAT collected is one of the indicators that is directly related to the effect of prices on the state budget.

About 45 million additional euros collected

The newspaper "SOT" has analyzed the figures, comparing them with previous years, to understand how much the Albanian government has collected more as a result of rising prices. The figures show that the gross VAT collected during the first quarter of this year is fixed at about 48.45 billion ALL, while only for March, when the price crisis culminated, it is fixed at 17.17 billion ALL, recording an indisputable historical record. During 2021, this indicator for March was fixed at ALL 13.8 billion, and in 2020, the year of the pandemic, at only ALL 9.78 billion. Meanwhile, the average of the past 5 years speaks of a gross VAT collection value close to ALL 11.8 billion. So, compared to the previous 5 years, during March of this year, the Albanian government has collected in just one month, 5.37 billion ALL more, which translates into about 44.5 million euros. That seems to be roughly the effect of rising prices on the state budget. Gross VAT collected does not include VAT refunds, which however appear to be declining. On the other hand, this indicator refers to VAT on imports and domestic, so it includes the profit from VAT of imported products, but which nevertheless represent revenues for the state budget. Meanwhile, during the quarter, the difference with the historical average of the past 5 years is fixed at 13.2 billion ALL, or about 110 million euros. The total net VAT collected, ie removing the refund during the quarter, results in a realization measure of 26.37% above the annual plan. Such a measure of realization, given that it is only about the first three months of the year, which are characterized by a significantly lower consumption than the following quarters,