7/29/2019 Economic Outlook and Indicators - Overview of Tax
Revenues 2012 - English
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Georgia in International
Ratings
21th place (out of 179 countries)in the ranking of Heritage
Foundations EconomicFreedom Index, 2013
9th place (out of 124) in theranking of World Banks
DoingBusiness survey, 2013
64th place (out of 144countries) in the GlobalCompetitiveness
Index of WorldEconomic Forum, 2012-2013
511h place ( out of 176countries)in the ranking ofTransparency
Internationals
Corruption Perception Index,2013
931h place (out of 142countries) in the LegathumProsperity Index
2012
BB-/Stable/B - Standart and Poors, 2012
Foreign Exchange Rate (GEL)
01.01.13 05.03.13
USD 1.6562 1.6590
EUR 2.1845 2.1554
Contact information
PMC Research Center
Tamar Jugheli
E-mail: pmcresearchcenter@
pmcg.ge
E-mail: [email protected]
T: (+995) 2921171
www.pmcg-i.com
March, 2013Budget Revenues
Similar to the previous years, VAT and
Income Tax were the most important sources
for the formation of 2012 budget revenues
(45%, 26.5%).
During the period of 2007-2012 the growth
of tax revenues followed the growth of Nominal
GDP. The average inflation rate had similar
pattern too.
In 2012 the volume of tax revenues as wellas the volume of
Nominal GDP continued to
grow (8.7%; *8%), but their growth rates
were lower compared to the ones in 2011
(26%, 8.5%).
Tax revenues are characterized by monthly
seasonality and unexpected fluctuations. Such
unexpected fluctuations in some cases had a high
amplitude.
According to the months the dynamics of tax
revenues in 2012 was similar to the previous
years. Tax revenues were always highest in
March and they also exceeded the ones in March
of past year. While tax revenues in March 2012
deviate from usual pattern and are lower (-8%)
than tax revenues in March 2011. This is related
to the decrease of VAT and income tax revenues
in the mentioned period.
EconomicOutlook and Indicators
Newsletterwww.pmcg-i.com
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The share of tax revenues in 2012 budgetrevenues was reduced
(88.1%) and the shareof grants (3.7%) and other revenues (8.2%)was
increased compared to the correspondingindicators for 2011 ( 89.3%;
3.2%; 7.5%).
The share of tax revenues in projectedGDP of 2012 is 25.3%,
which is higher thanthe share of tax revenues in 2011 GDP, but
thedifference is not high (0.1%).
23%
12%15%
17 %
8%*
38.6%
29.5%
26%
8.7%
9.2% 10 %
1.7%
7.1% 8.5%
-0.9 %
-10
0
10
20
30
40
50
2007 2008 2009 2010 2011 2012
share%
Growth of Budget Revenues, Nominal GDP
& Inflation
Nominal GDP growth Budget revenues growth Inflation
83%89.3% 88.1%
23.5% 25.2% 25.3%
0
10
20
30
40
50
60
70
80
90
100
2010 2011 2012
Share%
Share of Tax Revenues in BudgetRevenues and in GDP
Share of tax revenues in budget revenuesShare of tax revenues in
GDP
200
300
400
500
600
700
800
900
Jan Feb March April May June July Aug Sept Oct Nov Dec
mlnGEL
Tax Revenues
2010 2011 2012
7/29/2019 Economic Outlook and Indicators - Overview of Tax
Revenues 2012 - English
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The share of VAT revenue in 2012 tax revenues was 45%. Thus,it
remained as the most important source for the formation of
taxrevenues.
In 2012 the revenue from VAT increased by 9.2% compared to2011.
The growth rate of the revenue from VAT was signicantlyreduced
compared to 2011 (26.3 %) .
During 2012 VAT revenue achieved the highest volume in
October. In March, May and December 2012, VAT revenue waslower
than VAT revenue in the corresponding period of 2011,which is
deviation from the characteristic pattern of the previousyears.
General Economic Indicators
Budget Revenues
EconomicOutlook and Indicators
Newsletterwww.pmcg-i.com
Contact information
-2-
Source: Ministry of Finance of Georgia, National Statistics
Ofice ofGeorgia,
National BankofGeorgia
*projected
PMC Research Center
Tamar Jugheli
E-mail:
pmcresearchcenter@pmcg.
ge
E-mail: [email protected]
T: (+995) 2 921171www.pmcg-i.com
March, 2013
2011 2012 I*12 II*12 III*12
NNominal GDP in current prices (mln USD) 14 438 - 3388.3 3918.3
4156.1
PPer capita GDP (USD) 3 230.7 - 753.4 871.2 924.1
GGDP real growth, percentDP 7.2% - 6.7% 8.2% 7.5%
Consumer Price Index 8,5% -0.9%
FForeign Direct Investment (USD) 1 117 - 269.4 219.4 195.4
UUnemployment Rate 15.1% - - - -
External Public Debt (mln USD) 4200.5 4357.1 - - -
PPoverty Level 9.2% - - - -
50
70
90
110
130
150
170
190
210
230
Jan Feb March April May June July Aug Sept Oct Nov Dec
mlnGEL
Income Tax Revenue
2010 2011 2012
150
170
190
210
230
250
270
290
310
330
Jan Feb March April May June July Aug Sept Oct Nov Dec
mlnGEL
VAT Revenue
2010 2011 2012
The share of income tax revenue in 2012 tax revenues was
26. 5%. Thus, income tax revenue is the second highest sourcefor
the formation of tax revenues.
In 2012 income tax revenue exceeded to the income taxrevenue in
2011 by 13.8%, but its growth rate was reduced
compared to 2011 (29%). March, July and December is
characterized by seasonality. Comparatively high indicator
in
July is related to vacation payments, in December and March
it
is related to bonus payments.
The pattern of 2012 differs from the pattern of the previous
years since October. In October income tax revenue started
to
decrease compared to previous months. Income tax revenue in
December 2012 was only 2.7% higher than the corresponding
indicator of 2011, while the difference between the
indicators
of December 2010 and December 2011 was 91.2%.
