BUSINESS IN SHORT

Better tax collection anticipated

THE GOVERNMENT expects to collect millions of euros more in taxes and levies than it had previously anticipated. The state treasury raised its estimated revenue in taxes and levies compared to September’s forecast for 2013 by €154 million, or 0.2 percent of GDP. It expects similarly better tax revenue for the years 2014-2016, with its estimated revenue in taxes and levies increasing by €375 million in 2014, €361 million in 2015 and €365 million in 2016.

THE GOVERNMENT expects to collect millions of euros more in taxes and levies than it had previously anticipated. The state treasury raised its estimated revenue in taxes and levies compared to September’s forecast for 2013 by €154 million, or 0.2 percent of GDP. It expects similarly better tax revenue for the years 2014-2016, with its estimated revenue in taxes and levies increasing by €375 million in 2014, €361 million in 2015 and €365 million in 2016.

“The higher forecast is a result of improved collection of value added tax and new legislative measures,” said the Finance Ministry think tank, the Financial Policy Institute, regarding the updated current forecast, as quoted by the SITA newswire.

In 2013, the higher estimate can be attributed exclusively to more efficient tax collection. In the following years, higher collection should be the result of more effective collection, which has to cover about 60 percent of the additional revenue. The rest of the additional revenue can be attributed to new legislation. These changes concern, in particular, the amendment of the Income Tax Act, the amendment to the Social Insurance Act and amendments to the law on a special levy for businesses in regulated industries, SITA wrote.

According to the institute, the new forecast data were mainly influenced by the ongoing fulfilment of tax revenue in September and October this year.

“Compared to the September update, we have increased the estimate of the successful collection of value added tax and social and health insurance contributions,” the FPI wrote, as quoted by SITA.

“On the other hand, there was a moderate correction in personal income tax revenue and revenue from withholding tax. Compared with the September forecast, the estimated revenue is unchanged for excise taxes and corporate income tax.”

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