BRATISLAVA, August 8, (WEBNOVINY) – The state collected less money in taxes during the first seven months of this year than it had planned. Nonetheless, the tax collection improved from the previous months. In May, the tax collection lagged behind the budget plan by over twelve percent, in June it was 6.4 percent and in July, it was only 3.98 percent behind the projection. Based on the data provided by the Tax Directorate of the Slovak Republic, tax revenues amounted to 4.921 billion euros as of late July. Non-tax revenues accounted for 139.9 million euros in the observed period.
Revenues from income tax, profit and capital gains tax reached 1.07 billion euros, which represented 95.05 percent of the budgeted level. Personal income tax represented 886.1 million euros, taking it to mere 85 percent of the expected sum. Income tax paid by legal entities amounted to 968.7 million euros, translating into 99.3 percent of the budgeted level.
The collection of domestic taxes on goods and services amounted to 3.808 billion euros in the seven-month period and was 3.3 percent below the plan. The collection of added-value tax (VAT) reached 2.682 billion euros and accounted for 98.51 percent of the budgeted amount. The excise tax collection stood at 1.126 billion euros and made up 92.56 percent of the projections.
Tax and customs offices are expected to collect 8.787 billion euros this year. The Financial Policy Institute (IFP) at the Finance Ministry increased the projected revenues from taxes and premiums by 3 million euros in its latest prognosis. This year, tax revenues are expected to be 48 million euros lower from the approved budget. Last year, tax revenues reached 7.962 billion euros, down 0.8 percent y/y.
SITA
