Spectator on facebook

Spectator on facebook

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.”

Top stories

How the national emblem appeared – including so far secret communism designs

Even Slovaks often do not know why the national emblem depicts a white double-cross, and not the Kriváň peak, or the design by artist Vincent Hložník. They also do not know why it makes a difference whether it is…

Offical Slovak national emblem and colours

Bratislava Zoo will have new wolf breeding station

One of most significant investments of the Bratislava Zoo in the year 2017 will be the building of a new wolf breeding station.

Foreigners: Events around Slovakia Photo

Tips for performances and other events in the Slovak regions between February 17 and February 26, including a race on old wooden sleighs, an operetta premiere, a lot of jazz, classical and rock music, and more.

Rce in krňačky sleighing, Turecká 2017

Some food really is better in Austria, study finds

EC says its role is to monitor safety, not quality – but Slovaks want the same as Austrians, says minister.

Illustrative stock photo