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Finance Minister Mikloš says VAT collection is good for 2011

Around 48 percent of the annual plan for collection of VAT was achieved in the first half of 2011, the best result since 2006, Finance Minister Ivan Mikloš said at a press conference on July 4, the TASR newswire reported. But he also reported that collection of excise tax lagged slightly behind as retailers had stocked up in advance of a hike in excise taxes on spirits in the spring of 2010. The minister said the revenue side of the state budget saw favourable developments in the first half of 2011 as it increased by more than 12 percent year-on-year to €5.48 billion.

Around 48 percent of the annual plan for collection of VAT was achieved in the first half of 2011, the best result since 2006, Finance Minister Ivan Mikloš said at a press conference on July 4, the TASR newswire reported. But he also reported that collection of excise tax lagged slightly behind as retailers had stocked up in advance of a hike in excise taxes on spirits in the spring of 2010.

The minister said the revenue side of the state budget saw favourable developments in the first half of 2011 as it increased by more than 12 percent year-on-year to €5.48 billion.

"Tax revenues rose; they went up by 11.6 percent year-on-year," Mikloš said, as quoted by TASR. Total expenditures as of June amounted to €7.06 billion, a drop of 3.5 percent on the year. The budget deficit stood at €1.58 billion, a fall of one-third compared to the first half of 2010.

"Expenditures by state institutions, that is expenditures over which the state exerts influence dropped by 9.1 percent on the year," Mikloš stated. "When it comes to other kinds of expenditures, an annual increase was observed. Expenditures on the management of state debt went up following huge increases under the previous government over the past few years," stated the minister.

Expenditures incurred in funding from EU sources posted a hike as well but Miklos said this is good news, meaning that EU funds are being accessed more effectively than in the first half of 2010.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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