Spectator on facebook

Spectator on facebook

Fiscal policy to refocus on budgetary expenditures

After years of reporting tax revenues above projected levels, the focus of the Cabinet's fiscal policy is moving to budgetary expenditures, according to Finance Ministry State Secretary František Palko.

After years of reporting tax revenues above projected levels, the focus of the Cabinet's fiscal policy is moving to budgetary expenditures, according to Finance Ministry State Secretary František Palko.

The time is over when tax revenues are SKK20 billion higher than projected figures to thus improve Slovakia's state budget income by more than 10 percent, said Palko. In terms of funding state activities, it is therefore necessary to focus on savings, which can be used to cover the state's priorities, Palko stated on the ministry's web site. Tax revenues exceeded projections last year, as well. In comparison to the previous year, improvement in 2007 was moderate. 2007 tax revenues amounted to SKK258.2 billion, up 4 percent (about SKK10 billion) compared with projections.

According to Palko, the structure of the extra income was different. Before 2007, better macroeconomic development contributed to higher tax revenues, while it was the one-time effect of accumulated cigarette reserves which boosted last year's results. He thinks that savings in expenditures, as the key point in Slovakia's fiscal policy, is a very good reason to improve the quality of programming projections, which will reflect the funding of individual activities, including those that turn out to be unnecessary. This budgetary dimension will be applied in preparations for 2009 to 2011. SITA

Compiled by Zuzana Vilikovská from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Job ads should inform about basic salary

One of the proposal’s authors from the Smer coalition voted in May against a similar proposal authored by opposition deputies

The shortage of workforce is a growing problem for entrepreneurs.

Top 3 news from Last Week in Slovakia Video

EMA will not relocate to Slovakia - Job ads will have to state actual payrates - Trnava factory to produce electric cars

PSA plant in Tranva.

Námestie Slobody square closer to facelift Photo

The Bratislava city council wants to revitalise the square by the end of 2018

The winning project for revitalisation of Námestie Slobody square

Slovak hockey league will not rest during Olympics

Unlike the Slovak premiere hockey league, Swiss, German and Russian leagues will take a break during the 2018 Winter Olympics.

Ice hockey is popular in Slovakia