Spectator on facebook

Spectator on facebook

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.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Topic: Economics


Top stories

Marian Kočner and Pavol Rusko released

Kočner and Rusko will not be held in custody while they are under prosecution for forging promissory notes to the private TV channel Markíza.

Pavol Rusko (front) and Marián Kočner

Long breakaway gives Slovak championship to Sagan, surprising everyone Video

Even former cycling legend and sports commentator Jan Svorada was shocked by the breakaway which secured Sagan's sixth victory in the Slovak championship.

Peter Sagan wins the Czech y Slovak Championship, June 24, 2018

Threats, scandals, and dubious political ties. Who is Marian Kočner?

The businessman with many ties to politicians has been detained by police.

Marian Kočner

Blog: Human Capital in Slovakia: Preparing for the next industrial revolution

A closer cooperation between business and academia is of key importance if Slovakia is to strive in the ongoing industrial revolution.

In centres of excellence, a group of skilled workers is using brand new technologies.