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Finance Ministry reports on-target tax collection for 2011

The Finance Ministry has reported collecting almost all the tax it expected to in 2011, and says it received more in the form of value added tax and excise tax on tobacco products than was forecast in the budget, the SITA newswire wrote on Tuesday, January 3.

The Finance Ministry has reported collecting almost all the tax it expected to in 2011, and says it received more in the form of value added tax and excise tax on tobacco products than was forecast in the budget, the SITA newswire wrote on Tuesday, January 3.

Revenue from value added tax exceeded the budgeted level, according to data from the Financial Policy Institute (IFP) at the Finance Ministry, by €85 million, or 1.8 percent, and collection of excise tax on tobacco products exceeded the budget by nearly €5 million, or 0.8 percent. Overall tax revenue reached €8.7 billion in 2011 – €86.5 million less than the planned level. Actual tax revenue thus represented 99 percent fulfilment of the state budget.

"Failure to fulfil the budgeted level was reported mainly by the excise duty on mineral oils (down by €73.4 million) and corporate income tax (down by €52.5 million)," the IFP said in a commentary on the results of the state budget for 2011. The overall revenue from excise duties amounted to 96 percent of the level budgeted for 2011. The budget was exceeded by excise duties collected on beer, wine, tobacco products and electricity. The shortfall reported from excise duty on mineral oils was attributed by the IFP to the trend of gradual replacement of petrol vehicles by diesel vehicles, which use less fuel.

The state also posted a shortfall exceeding €10 million for taxes on spirits, something which the IFP put down to tax evasion, SITA reported. The collection of excise taxes grew in 2011 by 2.9 percent in a year-on-year comparison. Revenue from corporate income tax reached 96.9 percent of the budgeted level in 2011, but this still represented 28.9-percent year-on-year growth. The state also reported lower-than-expected collection of taxes on emissions quotas, receiving only 42.4 percent of the budgeted level.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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