Monaco’s state budget surplus grows as revenues boom

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Photo: Charly Gallo/Communications Department
Photo: Charly Gallo/Communications Department

There has been a continuation of growth in the Principality’s budget surplus, thanks to a marked increase in revenues and lower growth in expenditures, including ordinary expenses, Jean Castellini, Minister of Finance and Economy, told the press on Tuesday.

Providing an update on the results of the financial year 2016, and the draft budget for 2017, Minister Castellini said that the fiscal year 2016 had a surplus of €35,866,124, an increase of 22 percent compared to 2015. This outstanding result followed four previous years of budget surplus.

In more detail, the increase in tax revenues in 2016 (+ €45.4 million, or + 5.2 percent) was due mainly to higher revenue from transfer taxes (+€20 million) and VAT, which means that the Government’s attractiveness policy continues to bear fruit. There was also an increase in revenue from civil administrative fees (+ €4.5 million), customs duties (+€4 million) and mortgage fees (+€2 million) as well as that related to taxes on insurance (+€1 million).

Meanwhile, the draft budget for 2017, as voted by the National Council on December 15, 2016, was drawn up on a prudent basis, he said.

It has a projected surplus of revenue of €6.3 million compared to €5.8 million in the draft budget for 2016. This budget presents a forecast of revenue of €1,210,318,900, up +by 5.9 percent compared to the draft budget for 2016.

The minister added that at the end of March, 2017, tax revenues and income from tourism are in line with forecasts.

 

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