Budget deficit reached €1.6 billion in May, one quarter lower year-on-year

The state budget at the end of May recorded a deficit of €1.6 billion, which was €558 million or 25.8 percent lower than the deficit posted at the same time last year, the Finance Ministry announced on Monday, June 3.

The state budget at the end of May recorded a deficit of €1.6 billion, which was €558 million or 25.8 percent lower than the deficit posted at the same time last year, the Finance Ministry announced on Monday, June 3.

State expenditures were €719 million or 11.1 percent lower year-on-year, and incomes shrank by €161 million or 3.7 percent. Tax collection improved by 3.3 percent, however, which equates to €109 million, the TASR newswire quoted the ministry. In the case of income taxes, the year-on-year increase reached €73 million, with personal income tax going up €32 million, corporate tax up €29.5 million, and income taxes collected via deductions up €10 million.

"Conversely, a negative development was seen in the case of excise taxes - [down] €23.8 million, and emission quotas tax - [down] €9.7 million," stated the ministry. Financial means flowing into Slovakia from EU Funds in May saw a year-on-year drop of €254.5 million or 35.8 percent. Incomes on dividends were down by €31 million.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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