State to collect over € 400 million more for 2015 taxes than estimated

In the coming years, the state will collect from taxes and levies around 400 million euros per year more than it originally estimated. This is according to the new tax forecast of the Financial Policy Institute at the Finance Ministry published on Monday. Compared to October of last year, the new forecast increases government revenue from taxes and levies for the years 2016 to 2018, ranging from 369 million euros to 444 million euros, or equivalent to 0.4 percent to 0.5 percent of gross domestic product (GDP). Almost 60 percent of the improvement is due to more efficient tax collection said Finance Minister Peter Kazimir said. According to him, better tax collection will be possible this year and the next partly thanks to positive developments on the labour market. And in the next few years, private investment will have a positive effect on tax collection as well. Regarding the state budget deficit, Kazimir said that a balanced budget will be achieved in 2018.