Estimated implementation of the state budget in the period January – June 2024. in relation to the Budget Act for 2024 amounted to:
– revenues PLN 303.9 billion, i.e. 44,5%
– expenses PLN 373.8 billion, i.e. 43,1%
– deficit of PLN 69.9 billion, i.e. 38,0%
On July 15, 2024, the Ministry of Finance published the estimated implementation of the state budget in the period January–June this year in relation to the established budget act for the current year.
Estimated implementation of the state budget in the period January – June 2024.
State budget revenues in the period January – June 2024.
In the period January – June 2024. state budget revenues amounted to approx. PLN 303.9 billion and were higher by approx. PLN 33.3 billion (i.e. 12.3%) compared to the same period of the previous year (PLN 270.6 billion, i.e. 44.8% of the plan).
The tax revenues of the state budget amounted to PLN 272.4 billion and were higher than in the period January-June 2023. by approximately PLN 33.9 billion (i.e. 14.2%), including:
– VAT revenues amounted to PLN 143.2 billion and were higher by approx. PLN 24.4 billion (i.e. 20.6%) in relation to the implementation in the period January – June 2023,
– revenues from excise tax amounted to PLN 42.0 billion and were higher by approx. PLN 2.3 billion (i.e. 5.9%) in relation to the implementation in the period January – June 2023,
– PIT revenues amounted to PLN 40.5 billion and were higher by approx. PLN 10.8 billion (i.e. 36.3%) in relation to the implementation in the period January – June 2023,
– CIT revenues amounted to PLN 37.0 billion and were lower by approx. PLN 4.2 billion (i.e. 10.1%) compared to the implementation in the period January – June 2023.
In the period January – June 2024. the realization of non-tax revenues amounted to PLN 31.0 billion and was lower by approx. PLN 0.1 billion (i.e. 0.5%) in relation to the implementation in the period January – June 2023.
Na niższe wykonanie dochodów niepodatkowych w okresie styczeń-czerwiec 2024 w porównaniu do analogicznego okresu poprzedniego roku wpływają niższe wpłaty z aukcji uprawnień do emisji gazów cieplarnianych. Moreover, a payment from the NBP profit in the amount of PLN 6.0 billion was planned in June, but this did not ultimately take place.
VAT income in June this year. It was higher by PLN 4.9 billion, i.e. 30.1% y/y and amounted to approximately PLN 21.1 billion. This is a significant improvement compared to May this year, where the increase was 21.9% y/y. It should be noted that VAT payments made in June concern economic transactions made, as a rule, in May, when the food shield was no longer in force. The dynamics of VAT revenues were also positively influenced by retail sales, which increased nominally by 5.4% y/y.
In the case of CIT income, please remember that due to different annual settlement dates, monthly data are not comparable with the previous year. In 2024 r. deadline for the annual CIT settlement (payment of the surplus of tax due over the advance payments paid – surcharges) for 2023. was April 2. As a result, in April this year we observed high state budget revenues from CIT resulting from tax subsidies in the annual settlement. In 2023 r. the deadline for payment of subsidies for the annual settlement (for 2022) was at the end of June, which means that in the previous year, high income resulting from tax subsidies was visible only in June, and not in April as this year.
Moreover, in June 2024, Tax Offices paid refunds of overpaid CIT resulting from the annual settlement. In 2023, this action took place only in September. The postponement of the annual settlement deadlines (subsidies and refunds for the previous year) — and in fact a return to long-standing practice (these deadlines in 2020-23 were extended due to the pandemic) means that we are effectively comparing June 2023, when the state budget recorded high revenues resulting from the annual settlement until June 2024, when the state budget records high returns from the annual settlement. Additionally, due to the system of equal shares in CIT revenues for local government units throughout the year, all refunds are visible on the budget side. The above execution of CIT revenues in June this year. Therefore, it is not a surprise and results directly from the different annual settlement dates in 2023 and 2024. In the following months of 2024, the effects of the annual settlement will disappear.
State budget expenditure in the period January – June 2024.
Execution of state budget expenditure in the period January – June 2024. amounted to approx. PLN 373.8 billion, i.e. 43.1% of the plan, at the same time it was higher by approx. PLN 90.5 billion (i.e. by 31.9%) compared to the same period in 2023. (PLN 283.3 billion, i.e. 42.1% of the plan).
In the period January – June 2024. the highest expenditures were recorded in the following parts of the state budget:
– Social Insurance Institution – in the amount of PLN 77.3 billion, i.e. 42.8% of the plan,
– General subsidies for local government units – in the amount of PLN 68.5 billion, i.e. 58.1% of the plan,
– National Defense – in the amount of PLN 42.8 billion, i.e. 36.4% of the plan,
– Service of the State Treasury debt – in the amount of PLN 26.6 billion, i.e. 40.1% of the plan,
– Voivodes’ budgets – in the amount of PLN 26.3 billion, i.e. 54.9% of the plan,
– Internal affairs – in the amount of PLN 20.5 billion, i.e. 46.0% of the plan,
– EU own funds – in the amount of PLN 16.2 billion, i.e. 47.1% of the plan,
– Higher education and science – in the amount of PLN 15.2 billion, i.e. 48.2% of the plan.
Comparing the implementation of expenditure in the period January – June 2024 with the period January – June 2023, higher implementation was recorded in part 73 – Social Insurance Institution (more by approximately PLN 30.2 billion), which was related to the implementation of the “Family 800+” program – from On January 1, 2024, the amount of the childcare benefit increased from PLN 500 to PLN 800. However, in terms of the subsidy transferred to the Social Insurance Fund for the payment of benefits guaranteed by the state, the implementation amounted to PLN 23.6 billion and was higher than the implementation after six months of 2023 by PLN 2.7 billion, i.e. by approximately 13,2%. In April, an additional annual cash benefit, the so-called thirteenth pension, which last year was financed from the Solidarity Fund.
Under part 82 – General subsidies for local government units, the implementation was higher by PLN 18.9 billion, due to the increase in expenditure in the educational part of the general subsidy as a result of a 30% increase in teachers’ salaries. Moreover, in 2024 for the first time, funds were also provided for the development part of the general subsidy for local government units.
In part 85 – Voivodes’ budgets, the implementation was higher by approx. PLN 5.7 billion, mainly in the field of family benefits, benefits from the alimony fund, permanent benefits and funds transferred to kindergartens, as well as district headquarters of the State Fire Service, Sanitary Inspectorate, as well as funds for internships and medical specializations.
In part 29 – National Defense, the implementation was higher by PLN 7.2 billion, due to the transfer of funds to the Armed Forces Support Fund, among others. for the purchase of military equipment and weapons.
In part 84 – EU own funds, PLN 2.1 billion more was transferred, which was mainly due to the settlement in March this year. underpayments to the EU budget due to VAT and GNI adjustments for previous years in the amount of over PLN 2 billion by increasing the contribution installment for this month.
In part 79 – Service of State Treasury debt, PLN 1.5 billion more funds were allocated for expenses compared to the same period of the previous year, which is the result of an increase in the level of debt serviced and the current distribution of its service.
Read more on the Ministry’s website: https://www.gov.pl/web/finanse/szacunek-2024
Press release: Ministry of Finance.
