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Total state revenues exceed projections

REVENUES from taxes and payroll contributions are expected to reach €18.174 billion this year, €2.6 million more than the Finance Ministry expected in, the head of the ministry’s Financial Policy Institute, Ján Tóth, told the TASR newswire on July 12.

REVENUES from taxes and payroll contributions are expected to reach €18.174 billion this year, €2.6 million more than the Finance Ministry expected in, the head of the ministry’s Financial Policy Institute, Ján Tóth, told the TASR newswire on July 12.

Overall revenues are projected to rise by €36.8 million. Tóth said the better figures are due to the improving economic situation in Slovakia which could bring in as much as €200 million extra. The Finance Ministry also factored into its prognosis the planned reform of taxes and payroll contributions as well as changes to the second pension pillar.

Tóth evaluates the current prognosis as realistic with a slight risk, particularly with respect to revenues from VAT.

“The economic data show that there's been a significant rise in employment, which hasn't fully translated into yields from taxes or [payroll] deductions yet,” Tóth told TASR. “If the employment rate really grows like this, it's quite possible that household consumption will improve as well and VAT revenues with it.”

But Tóth noted that there is still a need to find an additional €200 million to reduce the public deficit to the planned level of 3.8 percent of GDP. He also stated that the budget also depends on Slovak Telekom paying dividends of €258 million from 2010 to the state this year and that the deficit will be adversely affected if this does not occur.

The general assembly of Slovak Telekom, which is 51-percent owned by Deutsche Telekom, voted last week to pay only half of that sum.

“The Finance Ministry is interested in full dividends from Telekom,” Tóth said.

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