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Tax revenues in 2004 fulfil expectations

DURING the first year of tax reform (2004), Slovakia's tax revenues totalled Sk232.862 billion (€6.14 billion), according to preliminary results from the Finance Ministry, reported the TASR news agency.

The amount represents 17.6 percent of gross domestic product (GDP) and fulfilled expectations.

Finance Minister Ivan Mikloš says the final results will not be known until after tax returns are assessed, but they should not differ greatly. He added that 2004's estimates were reasonably accurate and the preliminary results indicate that the reform is working well.

Were it not for the reform, the receipts would have totalled 18 percent of GDP.

Personal income tax, which represented 3.3 percent of GDP in 2003, dropped to almost Sk34 billion (€896 million) in 2004, or 2.5 percent of GDP. This exceeds the 2004 estimate of 2.1 percent.

Preliminary estimates put 2004's corporate tax revenues at Sk29.6 billion (€780 million), or 2.2 percent of GDP - higher than the projected 1.8 percent.

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