Slovakia's state budget deficit drops in late March

Slovakia's state budget posted a deficit of €454.9 million at the end of March, €117.9 million lower than the deficit for the same period last year, the Finance Ministry reported on Tuesday. Both state budget incomes and expenditures reported a growth as of late March. In particular, incomes grew by €29.2 million year-on-year, while expenditures swelled by €147.1 million year-on-year. According to the Finance Ministry, a year-on-year drop in tax revenues amounted to €71.2 million. Positive developments were seen in VAT revenues, going up €68.5 million, while collection of excise taxes mounted by €12.4 million, withholding tax by €8.4 million. Conversely, collection of income tax paid by private individuals and corporate income tax posted a fall over the monitored period.