FINANCE

State cash aids tax payment

state-cash-aids-tax-payment

The payment of tax dues recorded a significant improvement in March and April, according to data from the Independent Authority for Public Revenue.

Most enterprises and freelance professionals paid their value-added tax and corporate income tax dues on time. This positive development, Finance Ministry officials say, is the result of state-granted liquidity through cheap state loans, and especially the sixth and the seventh phase of the “Deposit To Be Returned” program in March and April, respectively.

The April data released on Wednesday showed that timely payments of VAT dues came to 93.31% of the 2.214 billion euros due, faring even better than the March rate of 91.65%, while in January the rate had stood at 82.04%. The timely payment rate for corporate income tax was even higher in April, at 96.51%.

Across all categories of taxes the timely payment of obligations came to 93.12% in April, up by 15 percentage points on January and 11 percentage points on the average rate for 2020.

Ministry officials point also to the activation of the program subsidizing the fixed expenditure of enterprises as a factor for the improved liquidity.