BRATISLAVA, November 16, (WEBNOVINY) — Ten-month excise tax collection has exceeded last year’s level. The state collected EUR 1.66 billion as of late October, which is 2.9 percent more than in the same period a year ago. Revenues from excise tax on electricity grew the most, namely by 9.8 percent to EUR 13.5 million.
Despite the year-on-year improvement in excise tax collection, the Finance Ministry’s Financial Policy Institute expects a moderately worse development this year than original projections. According to its latest estimate, excise tax revenues should reach EUR 2.033 billion, which is 3.5 percent less than the ministry originally anticipated. „Lower projected excise tax revenues in 2011 are a result of lower revenues from excise tax on mineral oil (petrol), natural gas and coal, which is to a certain level compensated by higher revenues from excise tax on tobacco products and beer,” the institute comments.
Collected excise tax on beer represented EUR 49.8 million in the ten-month period, up 3.5 percent y/y. A 3.3-percent y/y increase to over EUR 526 million was reported in collection of excise tax on tobacco products. Excise tax on mineral oils brought EUR 884 million to the state coffers, up 4.1 percent. Revenues from excise tax on natural gas swelled 6.9 percent to EUR 18.5 million.
On the contrary, collection of excise tax on wine fell 2.6 percent y/y to EUR 3.02 million as of late October, while excise tax on coal brought 31 percent less than a year ago, namely EUR 392,000.
Overall revenues from excise tax for January through October at EUR 1.66 million met the projected level for this period to 95.6 percent, according to data of the Tax Directorate. Considering the projected 2011 budgetary revenues from excise tax collection, the result represented as of late October nearly 80 percent.
SITA
