FOCUS SHORT

Annual tax collection down

SLOVAKIA’S tax revenues shrank by 2.7 percent over 2012 to €8.464 billion. VAT collection totalled €4.307 billion, amounting to only 89.4 percent of the budgeted amount. Collected excise tax stood at €1.98 billion, making up almost 96 percent of the plan, the SITA newswire reported in mid February.

SLOVAKIA’S tax revenues shrank by 2.7 percent over 2012 to €8.464 billion. VAT collection totalled €4.307 billion, amounting to only 89.4 percent of the budgeted amount. Collected excise tax stood at €1.98 billion, making up almost 96 percent of the plan, the SITA newswire reported in mid February.

The Finance Ministry had reduced its estimates of tax revenues for 2012 several times over the year, ascribing this to the collapse of the financial administration in the early months of 2012, which complicated VAT collection and refunding.

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