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Finance Ministry comments on January drop in budget revenues

Slovakia’s Finance Ministry does not consider January’s almost 40-percent y-o-y decrease in state budget revenues as significant in terms of the overall evaluation of the government’s finances.

Slovakia’s Finance Ministry does not consider January’s almost 40-percent y-o-y decrease in state budget revenues as significant in terms of the overall evaluation of the government’s finances.

The Ministry’s State Secretary František Palko told the SITA newswire that the decline only covered the first month of 2009 and that several factors had influenced this.

Regarding excise taxes, the dividing of reserves of tobacco products between January and February 2009 played an important role. In February 2009, the ministry projects this tax to return to its levels posted in late February 2008.
Palko even mentioned a possible y-o-y increase in excise taxes for 2009.

Regarding corporate income taxes, companies had transferred advance payments in December 2008 because the non-cash payment system was not functioning at the beginning of January. SITA

Compiled by Zuzana Vilikovská from press reports
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