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In 7 months, treasury collected 8.6 percent less in taxes than planned

The overall tax revenue of the state budget at the end of July reached €4.918 billion, lagging behind the level approved in the budget by 8.6percent over the first seven months. The collected amount represented 53.3 percent of the annual projection, according to the Slovak Finance Directorate.

The overall tax revenue of the state budget at the end of July reached €4.918 billion, lagging behind the level approved in the budget by 8.6
percent over the first seven months. The collected amount represented 53.3 percent of the annual projection, according to the Slovak Finance Directorate.

At the end of July, the non-tax revenue of the budget was €145.3 million. Total revenue collection thus reached €5.063 billion, representing 94 percent of the aliquot part of the budgeted revenue, the SITA newswire quoted the Finance Directorate. The treasury collected €1.308 billion in taxes on income, profits and capital gains, representing 99.2 percent of the expected revenue. In local taxes on goods and services the state budget collected €3.58 billion and met the plan to 89.2 percent. Taxes on international trade and transactions brought more than €17.5 million to the budget.

Among the local taxes on goods and services collected, the treasury collected €2.457 billion in Value Added Tax (VAT) in seven months of 2012, representing 87.44 percent of the expected amount. State budget revenue from excise duties was €1.123 billion after 7 months. Based on the state budget law for 2012, tax revenue this year should be €9.228 billion. Overall revenue of the state budget should be €13.6 billion and expenditures €17.3 billion. The state budget deficit could thus be a
little more than €3.6 billion.

(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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