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Tax collection for first six months is 6.4 percent less than planned

Slovakia collected less in taxes during the first six months of the year than it planned, the SITA newswire wrote on July 1 based on the data from the Slovak Tax Directorate which reported tax revenues at €4.113 billion at the end of June, 6.4 percent below budget. The amount was 46.8 percent of the twelve-month projection.

Slovakia collected less in taxes during the first six months of the year than it planned, the SITA newswire wrote on July 1 based on the data from the Slovak Tax Directorate which reported tax revenues at €4.113 billion at the end of June, 6.4 percent below budget. The amount was 46.8 percent of the twelve-month projection.

Non-tax revenues accounted for €122.9 million in this period. Revenues from income tax and taxes on profits and capital gains reached €903.3 million, 93.6 percent of the budget. Personal income taxes brought €734.1 million, only 82 percent of the budgeted sum. Income tax paid by legal entities came to €827.4 million, 98.9 percent of the budgeted level.

Collection of domestic taxes on goods and services amounted to €3.173 billion in the six-month period and was 6 percent below the plan. Value added tax (VAT) reached €2.223 billion and accounted for 95.22 percent of the budgeted amount. Excise tax collection stood at €950.5 million and came to 91.2 percent of the projection.

Tax and customs offices are expected to collect €8.787 billion this year. The Financial Policy Institute (IFP) of the Finance Ministry increased the projected revenues from taxes and premiums by €3 million in its latest prognosis. This year tax revenues are expected to be €48 million lower than the approved budget. Last year, tax revenues reached €7.962 billion, down 0.8 percent year-on-year.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
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