Investor Presentaiton
TAX REVENUES
TAX REVENUES ARE RECOVERING FAST IN 2021 AND ARE EXPECTED TO SIGNIFICANTLY IMPROVE THE RATIO IN GDP IN
2022
TAX REVENUES, YOY % CHANGE
50.0
40.0
•
In line with economic recovery tax revenues are increasing with a high growth
rates, after decline in 2020 due to economic crisis.
44.0
30.0
20.0
23.1
10.3 10.5 10.9
11.9
7.3
5.9
•
The increase of tax revenues is mainly driven by VAT, Custom Duties and Other
tax revenues.
10.0
16.5
0.0
2.2
2.4
-10.0
-4.6
-4.6 -5.1
-5.3
-5.8 -5.2 -5.3 -5.4
•
As a result of tax policy and administration efforts tax to GDP ratio is expected to
improve by 0.9 percentage points in 2022 reaching 23.4%.
-8.7
-20.0 -11.0
1
2
3
4
5
6 7
8 9
10
10
11
12
TAX REVENUES GROWTH RATE (%) AND CONTRIBUTIONS OF TAX
Source: Ministry of Finance
TYPES (P.P.)
15.0
11.9
10.0
5.0
0.0
-5.0
-5.7
-10.0
24.0
23.5
23.0
22.5
22.0
21.5
20.9
21.0
20.5
2020 January-September
2021 January-September
20.0
19.5
2018
■VAT Excise Profit tax Income tax Stamp Duties Custom duties Other tax revenue Tax Revenue
Source: Ministry of Finance
17
2021
2020
TAX REVENUES, % OF GDP
23.4
22.4
22.4
22.5
2019
2020
2021
2022
Source: Ministry of Finance, 2021 and 2022 are projections based on 2022 Budget DraftView entire presentation