Tax revenues for regions and municipalities Sk3.5 billion above plan

MUNICIPAL and regional governments can expect to receive Sk3.5 billion more than planned from their share of income tax revenues this year according to the Finance Ministry's latest macroeconomic development report. Of this amount, Sk2.1 billion represents the settlement of private individuals' income tax for 2005 and the remaining portion comes from the revised estimate of private individuals' income tax and local taxes for this year.

The ministry expects the municipalities and counties to use all the extra money to cover their expenditures.

"Therefore, the higher cash income of municipalities has no positive impact on the general government deficit. It will rather have a negative impact of Sk800 million on the 2006 budget," reads the ministry's report.

The general government budget will also be negatively influenced by an expected increase of Sk400 million in the regions’ spending due to an infrastructure loan taken by the Prešov region from the European Investment Bank, SITA wrote.

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