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

General Macko: the Defence Minister has been tamed by the SNS

An air of frustration pervades the Slovak army says the prominent general who is leaving in protest.

Pavel Macko

Marching in step

Some Slovak conservatives have shown that they cannot resist fascist bait.

Far-right LSNS leader Marian Kotleba in parliament.

How artificial intelligence penetrates our lives

Automation, chatbots and virtual assistants are only a few examples of how companies implement AI solutions.

Health care is one of the areas already using artificial intelligence.

Kažimír: We are in the finals in the fight for a fifth carmaker

As for the rumour of a fifth carmaker coming to Slovakia, the finance minister hints that it is a brand locals already know.

One of three existing Slovak carmakers...