IN SHORT BUSINESS

Too early to cut taxes, says Finance Minister

A DECREASE in taxes in the near future is not a realistic proposition, according to the Hospodárske noviny daily.

The cash collection of taxes, meaning what actually arrived in state coffers last year, was better than planned by SK14 billion (€361 million).

However, Finance Minister Ivan Mikloš said that even though this was the case, it is necessary to consider the accrual principle.

This means that credits and liabilities are recorded in the public accounting system at the time of issue, not at the time they are paid.

He added that budget revenues do not allow for a reduction in taxes in the next few months.

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