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Finance Ministry increases estimate of tax collection by €290 million
25 Jun 2014 Flash News
The state’s income from tax and payroll deduction collection this year should be €290 million higher than estimated by the Finance Ministry in its February analysis, Finance Minister Peter Kažimír said at a press conference on June 24.
The Finance Ministry also expects increases in tax revenues in the next few years. The prognosis for 2015 and 2016 has been upped by €200 million, while the estimate for 2017 is €145 million higher now.
The actual collection of value-added tax may eventually be even better, the SITA newswire quoted the Finance Ministry as saying. The forecast still does not include the positive risk from the recently adopted measures to further suppress tax evasion. The most significant is the introduction of ledger statements.
“In particular, a significantly worse tax settlement for the fiscal year 2013, where a positive impact of adoption of legislative changes was expected, has a negative effect on revenues from this tax,” says the ministry report.
“Reality shows that self-employed individuals significantly avoided the increased tax burden,” ministry’s Financial Policy Institute wrote, as quoted by SITA. For this year alone, the estimated revenue from this tax is lower by €20 million which is almost one-fifth of the annual budgeted amount.
(Source: TASR, SITA)
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