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.

Topic: Economics


Top stories

What does a big fat Slovak wedding look like?

Eating cock meat or noodles with human milk used to be a part of a Slovak wedding, but to most couples today, having a candy bar or professional photographer is more important than observing traditions.

Illustrative stock photo

Spectacular Slovakia: Anti-Ottoman Bastion on film Video

Štiavnické Bane was the centre of the technical, cultural and religious education of the Austria-Hungary monarchy beginning in the 15th century.

The first Slovak satellite goes into orbit

After five years of construction, SkCUBE is ready to fly

Another salary negotiation at Volkswagen fails Photo

The strike continues, the representatives of the trade unions say it would be a mistake to give up.