Tax revenues will be €251m lower compared to state budget
The tax revenues will be €251m lower this year compared to the approved state budget, according to the updated Finance Ministry’s tax prognosis. Next year, they will be €1bn lower, but still will grow 4% annually. Last year, the tax revenues were €900m higher than planned (by €700m higher in 2017) which allowed the government to approve ’social’ measures. The lower tax intake comes on the back of economic slowdown in Western Europe that curbs the Slovak economic growth, too. The government had planned a balanced budget for this year and the next, but deficits over 1% of GDP are more likely results. Despite this, parliament approved new €300m election spending last week.