Slovakia's state budget gap up to over €1.5 billion

SLOVAKIA’s state budget deficit in April widened by over €430 million, according to the data of the Finance Ministry, based on which after four months of this year the deficit totalled €1.516 billion. In yearly terms, this is a decline by over €440 million, the SITA newswire reported.

SLOVAKIA’s state budget deficit in April widened by over €430 million, according to the data of the Finance Ministry, based on which after four months of this year the deficit totalled €1.516 billion. In yearly terms, this is a decline by over €440 million, the SITA newswire reported.

Overall budget revenues increased by 0.8 percent year-on-year to €3.458 billion this year and expenses soared by 10.4 percent to €4.974 billion.

The ministry commented that despite the figures, the percentage of fulfillment of budgeted expenditures currently reaches 28.6 percent of the annual projection, SITA reported.

Overall government revenue increased year-on-year by €29.1 million. Tax revenue, which accounts for a considerable portion of overall government revenue, dropped by 1.7 percent to €2.786 billion. Behind the drop are, in particular, lower revenue from corporate income tax, down by €110 million.

"This is connected with the possibility to request a postponement of the tax due date, which was not possible last year,” SITA quoted the Finance Ministry as stating in the report. “Moreover, the development so far suggests a positive risk in the case of corporate income tax for the years 2013 and 2014.”

A negative trend was observed within transfers from the budget of the European Union, which decreased by €260.6 million from last year. Within the total expenditures, the cost of government debt service rose by €193.5 million, as coupon payments of €185 million on government bonds were made in April.

Source: SITA

Compiled by Michaela Terenzani from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information
presented in its Flash News postings.

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