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President signs 2008 state budget

On December 11, Slovak President Ivan Gašparovič signed the 2008 state budget into law. The budget allows for a deficit of Sk31.981 billion, representing a Sk6.4-billion decrease compared to this year's. Revenues are projected at Sk348.252 billion and expenditures at Sk380.233 billion. Thus, projected revenues rose by more than 12 percent compared with the 2007 budget and expenditures by 9 percent. The total deficit should not exceed 2.3 percent of GDP next year.

On December 11, Slovak President Ivan Gašparovič signed the 2008 state budget into law. The budget allows for a deficit of Sk31.981 billion, representing a Sk6.4-billion decrease compared to this year's. Revenues are projected at Sk348.252 billion and expenditures at Sk380.233 billion. Thus, projected revenues rose by more than 12 percent compared with the 2007 budget and expenditures by 9 percent. The total deficit should not exceed 2.3 percent of GDP next year.

Along with the budget, the head of state also signed several other bills: the establishment of an excise tax on electricity, coal and natural gas for suppliers, not households; an amendment to income tax law; and a revision to the law on VAT. The amended income tax law aims to restrict possible adjustments of the corporate income tax base by accrued costs. Only technical reserves created on specific insurance contracts and notified insurance events will be recognized for the tax base calculation. The revised law on VAT puts books, brochures, and similar print products into the reduced 10 percent VAT tax group.

The president also signed the revision to the social fund law, which permits the use of finances from the social fund in businesses to the benefit of collective bargaining. A revision to the law on social child care contribution was also signed into law, raising the state payment for a first child from the current Sk11,000 to Sk20,440 from February 2008. This, together with the contribution of Sk4,560 that parents receive upon the birth of every child, raises the payment for a first child to Sk25,000. SITA

Compiled by Zuzana Vilikovská from press reports

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