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State to collect Sk1.7 billion more in taxes than expected

Revenues from taxation are now expected to be Sk1.7 billion (€56.43 million) more than the Finance Ministry projected in June, when it outlined the public administration budget for the next three years, the ministry's Finance Policy Institute (IFP) announced on September 30.

Revenues from taxation are now expected to be Sk1.7 billion (€56.43 million) more than the Finance Ministry projected in June, when it outlined the public administration budget for the next three years, the ministry's Finance Policy Institute (IFP) announced on September 30.

"The decisive influence in the update of the budget was the effect of the speedier payments this year and the incorporation of new legal changes," reads the institute's report, adding that the recent change of macroeconomic prognosis by the Finance Ministry had a moderately positive effect on the projection of tax incomes.

The IFP also modified its projection of tax collection for the next three years, although to a more moderate extent. In 2009, taxes should amount to Sk1.4 billion (€46.47 million) more than was originally projected; in 2010 to Sk900 million (€29.87 million) more; and in 2011 to Sk1.6 billion (€53.11 million) more.

However, higher tax incomes for 2008 cannot be automatically considered as extra incomes that can be spent by the public administration, the IFP notes. The institute cited the influence of higher inflation on welfare spending, and salaries growth on pensions valorization as examples. TASR

Compiled by Zuzana Vilikovská from press reports
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