State budget tighter than expected

A discontinuation of the special levy on retail chains, and the fact that less excise tax than expected was collected during the year, are among the factors leading to a shortfall in the state budget according to a statement by the Finance Ministry on Tuesday. Tax revenues to the end of November of this year reached 99.3 percent of the planned amount. Conversely, the amount of value-added tax (VAT) collected significantly surpassed expectations, and income tax revenues were also higher than planned. "Next year, we must continue to combat tax evasion in order to ensure that the budget is met," said Finance Minister Ladislav Kamenický (Smer-SD). The minister explained the shortfall in excise duties by pointing to the decline in the rate of Slovakia's economic growth.