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Budget deficit down 47.4 percent y/y

Revenues rise with improved tax collection.

Finance Minister Peter Kažimír(Source: TASR)

The state budget posted a deficit of €624.2 million to the end of July, making the deficit €562 million (47.4 percent) lower on an annual basis, the Finance Ministry reported on August 1.

State expenditures were down by €724.4 million, or 8 percent year-on-year. State budget incomes decreased by €162.4 million, or 2.1 percent y/y. Tax revenues rose by €310.6 million y/y, the TASR newswire reported.

Positive developments were seen for almost all taxes, including corporate tax (with an increase amounting to €398.8 million), excise taxes (€49.8 million), withholding tax (€6.3 million) and international trade and transaction tax (€2 million).

“Slight declines were reported only for VAT and income taxes paid by private individuals,” according to the Finance Ministry.

Incomes from administrative fees posted moderate growth of €16 million y/y, and income from property rentals went up by €15.9 million y/y. Conversely, capital incomes were down €1.9 million y/y.

Expenditures related to servicing the state debt posted a drop of €69.7 million y/y, while expenditures related to the drawing of EU funds fell by €549.7 million y/y, including a co-funding saving amounting to €112.1 million.

Meanwhile, payments towards the EU budget were reduced by €58.9 million on a yearly basis, TASR wrote.

Topic: Economics

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