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Slovakia Sees More Tax Revenue As VAT Collection Improves

Monday, 02 December 2013   (0 Comments)
Posted by: Author: Radoslav Tomek
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Author: Radoslav Tomek (Bloomberg)

Slovakia will receive more in taxes than previously estimated as collection has improved, helping the eastern euro-area member bring its budget shortfall below the European Union’s ceiling.

The government will probably raise 154 million euros ($209 million) or about 0.2 percent of gross domestic product more in taxes this year than it projected three months ago, the Finance Ministry said in a statement on its website today. Tax receipts between 2014 and 2016 will exceed the September forecasts by more than 350 million euros a year, or 0.5 percent of GDP.

The second-poorest euro-area member is on track to bring the budget shortfall below the EU’s limit of 3 percent of GDP as early as this year after prospects for economic growth have improved and the government is succeeding in its effort to fight tax fraud. The economy is set to grow 2.2 percent next year, accelerating from an estimated 0.8 percent in 2013.

Better collection of value-added tax has the biggest impact on the revision of tax revenue, the ministry said. About two-fifth of the improvement in 2014-2016 stems from legislative changes such as the extension of tax surcharge for regulated industries.

Even after the revision, tax revenue will fall 349 million euros short of the amount originally projected in the 2013 spending plan, which was based on an economic growth assumption of 1.1 percent.

This article first appeared in



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