State budget deficit at €1.879 billion in May

SLOVAKIA’S state budget deficit at the end of May 2014 was €1.879 billion. In a monthly comparison it thus grew by €363 million, and compared with May last year it increased by more than €277 million, data released by the Finance Ministry show, as reported by the SITA newswire.

SLOVAKIA’S state budget deficit at the end of May 2014 was €1.879 billion. In a monthly comparison it thus grew by €363 million, and compared with May last year it increased by more than €277 million, data released by the Finance Ministry show, as reported by the SITA newswire.

At the end of May state budget revenues reached €4.365 billion and increased in yearly terms by almost €195 million. Compared with the same period last year state budget expenditures increased by €472.6 million to €6.244 billion.

"The share of the budget expenditures is only at 35.9 percent, which is 3 percentage points lower than last year," states the Finance Ministry in published comments on the budget results, as quoted by SITA.

Government tax revenue grew by €22.4 million and amounted to €3.424 billion.

The finance department has seen a positive development particularly in the case of value added tax, where revenue rose by €51.4 million.

Collected excise taxes were higher by €18.6 million, personal income tax by €34.6 million, and taxes on international trade and transactions by €1.5 million.

"State budget revenues from dividends increased by €70.2 million compared to the previous year," the Finance Ministry announced, as reported by SITA.

Revenue was lower on a cash basis compared with last year from corporate income tax by €80.7 million. However, according to the Finance Ministry developments to date indicate a positive risk in the case of corporate income tax for 2013 and 2014.

Lower revenue was also a result of withholding tax worth €2.8 million. The ministry also recorded a negative development with revenue from the EU budget, which decreased by €232.5 million compared to last year.

In the group of other state budget revenues, there was an increase of €334.7 million.

"The most important part of them was a transfer from the Regulatory Office for Electronic Communications and Postal Services of a payment it received from mobile operators for issuing individual licenses to use frequencies of €163.9 mil,” SITA reported, quoting the ministry report. “Another significant income item of €93.0 million was revenue associated with the termination of the sale of crude oil and petroleum products.” The same amount also affected expenditures of the state budget, so that operation had no impact on the budget deficit.

Government debt service costs increased by €202.5 million year-on-year, whereas in April a coupon of €185 million was paid on government bonds. In the category of state budget expenditures related to the absorption of EU funds, the finance department saw an annual decrease of €4.8 million, while also a need for co-financing was reduced by €3.3 million. Transfers to the EU budget increased by €3 million.

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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