BUSINESS IN SHORT

Mayors expect tax shortfall in March

THE SLOVAK Association of Towns and Villages (ZMOS) expect a significant shortfall in their share of personal income tax revenues in March. There is still an impending risk of a shortage of disposable financial resources for towns and villages in the first half of this year.

THE SLOVAK Association of Towns and Villages (ZMOS) expect a significant shortfall in their share of personal income tax revenues in March. There is still an impending risk of a shortage of disposable financial resources for towns and villages in the first half of this year.

“We should feel the shortfall in March and April,” stated the chairman of ZMOS, Michal Sýkora, after its council meeting on February 10, as quoted by the SITA newswire. He expects self-governments to receive a 50-percent lower share of tax revenues in March, compared to the same period the previous year.

A rescue package for self-governments could consist of a subsidy from the Finance Ministry amounting to €40 million.

According to Sýkora, towns and villages could receive the funding by the end of March or beginning of April.

ZMOS also predicts a second shortfall in tax revenues, which should come mid-year.


In December 2009, municipalities received an extraordinary subsidy from the state budget amounting to €100 million to cover decreased income tax revenue and improvement of their starting situation in 2010.

The situation in self-governments is also complicated due to the introduction of the electronic road toll collection system, SITA reported.


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