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IFP expects to collect €300 million more taxes in 2014

THE STATE’s revenues from taxes and levies are expected to go up by €300 million in 2014, which is a 0.4-percent GDP increase. This follows from the latest prognosis by the Finance Ministry’s Financial Policy Institute (IFP) published on September 29.

THE STATE’s revenues from taxes and levies are expected to go up by €300 million in 2014, which is a 0.4-percent GDP increase. This follows from the latest prognosis by the Finance Ministry’s Financial Policy Institute (IFP) published on September 29.

“The considerable improvement in the prognosis is especially down to better collection of corporate tax, excise tax from mineral oils and an improvement in developments in the job market,” reads the IFP’s statement, as quoted by the TASR newswire.

This year’s rise in state revenues came especially thanks to the situation in the labour market.

However, an opposite trend is being observed in levies in regulated sectors and in the so-called bank levy, according to TASR. Moreover, despite taxes and tax levies that were increased for self-employed people in 2013 and 2014, the state has not collected from them the amount of money it originally predicted, according to the Sme daily.

Favourable developments in tax collection are projected for the next few years as well.

“There are improved estimates in tax collection by €220 million for 2015-16 and by €159 million for 2017, with the estimates not accounting for planned legislative changes,” Finance Minister Peter Kažimír said, as quoted by TASR.

Considering the projected changes, the revenues should go up by €492 million in 2015 before rising by as much as €540 million in 2017.

(Source: TASR, Sme)

Compiled by Roman Cuprik from press reports
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