Budget deficit at €877 million after two months of 2014

SLOVAKIA’s state budget deficit after the first two months of this year is €877.07million. In an annual comparison, the deficit widened by 22.9 percent, when at the end of February last year the budget deficit was €713.4 million.

SLOVAKIA’s state budget deficit after the first two months of this year is €877.07
million. In an annual comparison, the deficit widened by 22.9 percent, when at the end of February last year the budget deficit was €713.4 million.

Overall budget revenue increased by 10.7 percent to €1.682 billion this year and expenses increased by 14.6 percent to €2.559 billion. The Finance Ministry released these figures on March 3.

Tax revenue increased year-on-year by 10.1 percent to €1.414 billion. Value-added tax revenue developed positively, with revenue being higher by €130.4 million than last year, the Finance Ministry’s figures show, as reported by the SITA newswire.

The revenue for excise taxes increased by €6.3 million and personal income tax by €11.2 million. Corporate income tax revenue on a cash basis was lower by €11 million and from withholding income tax by €7.4 million.

Also lower were receipts from the EU budget, where the annual drop was 85 percent, by €125.8 million to €22.2 million. State budget revenue from dividends increased over the previous year by €39 million. Within other revenue items of the state budget there was an annual increase of 139.5 percent, from about €120.5 million to €206.9 million.

Within total expenditures, the cost of government debt service rose by €180.9 million to €498.3 million.

In the categories of budget expenditures related to the absorption of funds from the EU budget, there was a drop of €3.8 million to €127.9 million, while at the same time the need for co-financing decreased by €2.5 million to €22.6 million.

A transfer to the EU budget declined by €7.6 million to €229.9 million, mainly due to payment of an obligation for the year 2012 amounting to €19.6 million in January 2013.

The transfer of the account of social security agency Sociálna Poisťovňa was up by €52.9 million to €173.1 million, which according to the Finance Ministry is in line with the draft budget for 2014. Other expenditures of the state budget increased by €106.8 million to €1.507 billion.

Source: SITA

Compiled by Michaela Terenzani from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information
presented in its Flash News postings.

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