5th March 2018, Skopje – VAT refund in the first two months this year increased by even 56% compared to the same period in 2017, i.e. funds refunded to the business sector on the basis of VAT were by Denar 1.4 billion more in January and February, Minister of Finance, Dragan Tevdovski, announced today following the meeting of the Financial Stability Committee held at the National Bank.

According to the data from the Ministry of Finance, it is a positive trend continuing from 2017. Last year, VAT refund amounted to Denar 2.2 billion, i.e. being by 12.2% higher compared to 2016.

– VAT is refunded to companies on regular basis and in a non-selective manner, which is an important impulse for supporting their day-to-day activities and investments – Tevdovski undelined.

According to Minister of Finance Tevdovski and Governor Bogov, instability caused by the political turmoil in April and May 2017 has been completely overcome. Financial system is stable and functioning smoothly without any disturbances.

-Fiscal policy is aimed at maintaining stability in both the economy and the financial sector, as well as stimulating economic growth. Government and public debt both dropped on annual basis for the first time after eight years. Eurobond was issued in the most optimal time and under the most favourable conditions, thus preventing the risks occurring from the trends on the financial markets, Tevdovski said.

This is the fifth session of the Financial Stability Committee – a body established by both the Ministry of Finance and the National Bank. It is an important forum at which both institutions discuss the key issues related to the financial sector, and its purpose is to maintain good communication and coordination between the NBRM and the Ministry of Finance.

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