BRATISLAVA, September 7, (WEBNOVINY) — The planned tax-related changes within the fiscal consolidation package that the ruling coalition in Slovakia announced should raise government revenue by EUR 398.7 million next year, according to preliminary calculations of the Finance Ministry. Along with prepared measures in non-tax income, revenues of the general government sector should go up by EUR 597.8 million (0.9 percent of GDP) in 2011. These figures, however, may be altered by the final decision on payroll levies, which are expected to be fine-tuned by an expert group and presented in the upcoming days.
The influence of changes on income tax is not final and will be specified further because social and health insurance contributions influence the tax base, stated Finance Ministry spokesman Martin Jaros. The department is currently working on draft measures on the side of budgetary expenditures. These are aimed to reduce the state budget deficit next year at least by EUR 900 million. Their form will also be finalized in the upcoming days or weeks so that the draft bill on the state budget for 2011-2013 can be submitted to the Cabinet by September 30, 2010, explained the spokesperson.
Consolidation measures related to tax and non-tax revenues are expected to raise the state budget revenue by EUR 703.2 million in 2012, by EUR 752.5 million in 2013 and by EUR 776.8 million in 2014. The hike of the value-added tax rate from 19 to 20 percent is the major step within tax revenues and is expected to bring in EUR 183.1 million to the state budget next year. Given non-tax revenues, the Cabinet counts on EUR 70 million from the sale of emission quotas and EUR 14 million from higher prices for annual toll stickers for passenger cars, which will go up from 36.5 to 50 euro.
SITA
