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Prognosis of tax collection upgraded

The finance minister puts positive development on the labour market, EU funds as well as more efficient tax collection behind the better prognosis.

Finance Minister Peter Kažimír (Source: TASR)

The state will collect €489 million more in taxes and levies for 2015 when compared to the latest estimate from October, according to a current tax prognosis elaborated by the Financial Policy Institute (IFP), a think tank at the Finance Ministry. Based on the latest prognosis published on February 15, the increase in revenues is to be €410 million in 2016, €369 million more in 2017 and €444 million more in 2018.

“Positive results from the labour market but also from the drawing of EU funds have fused into real compliance with observing tax commitments, and in terms of the state and local authorities in filling state coffers and local treasuries,” said Finance Minister Peter Kažimír when introducing the latest prognosis.

Kažimír specified that almost 60 percent of the improvement is due to more efficient tax collection.

“So, people and companies are paying taxes more properly, and the state has learned to collect them in a better way,” said Kažimír as cited by the TASR newswire, adding that better tax collection will be possible this year and the next partly thanks to positive developments on the labour market.

In the next few years private investment will have a positive effect on tax collection, as well. According to Kažimír, carmaker Jaguar Land Rover that is to build a brand new plant near Nitra will bring benefits of €220 million to the state treasury by 2018.

Regarding the state budget deficit, Kažimír said that thanks to better collection of taxes the goal of a balanced budget will be achieved in 2018.

The state plans to use additional taxes expected to be collected in 2016 for increasing budgets of the state health insurer Všeobecná Zdravotná Poisťovňa, the social security provider Sociálna Poisťovňa as well as a reserve for support of significant investments. 

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