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Too early for decrease in payroll taxes

A DECREASE in employers’ tax contributions is not a realistic prospect until 2006, says financial analyst Ján Tóth, according to the Hospodárske Noviny daily.

The cash collections of taxes, meaning what actually arrived in state coffers last year was better than planned by SK 14 billion (€361 million).

However, even though this was the case, Finance Minister Ivan Mikloš said that there could be no reduction in taxes for at least a few months. He said it is necessary to consider the accrual principle.

This means that the liability or credits are recorded in the public accounting system at the time they are issued, and not at the time they are due to be paid.

Compiled by Magdalena MacLeod from press reports
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