finance & economy

Budget deficit widens to 3,847 million dinars in H1 of 2020

August 12, 2020

(TAP) – The budget deficit soared to 3,847 million dinars (MD) in H1 of 2020 against 2,464 million dinars in the previous year as shown by results of the state budget execution, the Central Bank of Tunisia (BCT) said in a note on economic and monetary developments.

This is due to the State’s own resources dropping 11.9% compared to a 18.3% rise in H1 of 2019, the bank said.

Tax revenues down 11.4%

Fiscal income totalled 12,760 million dinars by the end of June, falling 11.4% in comparison with the same period in 2019.

This reflects the economic fallouts from the COVID-19 crisis and measures taken to contain it, especially the general lockdown, the BCT said.

The drop is seen in revenues from direct taxes (- 9% against a 40.4% rise last year) and indirect taxes (-13.4% against +3.9%).

Direct corporate tax revenues fell 18.7% (-391 MT) after posting a 40.3% rise last year.

Indirect taxes saw considerable decrease as regards mainly value added tax (VAT) receipts (-15.5% or -580 MDT) and other indirect taxes (-13% or -268MTD).

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