State revenues from taxes and levies between 2012 and 15 are expected to be 0.3 percent of GDP lower compared to the original estimates from September 2012, the Finance Ministry’s Financial Policy Institute (IFP) announced in a special prognosis released on Wednesday, December 5, the TASR newswire reported. According to the new estimates, the state will collect €231 million less than expected in 2012, and €254 million less next year.
"The drop in predicted tax and levy revenues in comparison with the September prognosis has been caused predominantly by lower VAT collection and lower corporate-tax collection," reads the special prognosis of tax and levy revenues between 2012 and 2015. The institute moved to revise the expected tax and levy revenues in light of new data on tax and levy collection as of the period between August and November. It also took into account new information from income-tax returns and signs that the country's economy is cooling mainly under the influence of the situation abroad in 2012.
Compiled by Zuzana Vilikovská from press reports
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