the consumption path. If managing the value added tax rate is an unavoidable measure in some particular circumstances …

, first of all, due to increased VAT rate from 18 to 20%. Simultaneously, expenditures have contracted by 0.9 p.p. of GDP. As … can go down, excises are not the significant source of the budget replenishment and the VAT rate increase has adversely … affected domestic consumption and imports. One should expect significant growth of expenditure in H2 as long as cash execution …