FinMin: Tax revenues to grow to CZK 783bn in 2013 | Prague Monitor

?TK |

5 September 2012

Prague, Sept 4 (CTK) - The Finance Ministry plans to collect Kc783bn in taxes next year, which is Kc10bn more than planned for this year, the ministry's tax policy and administration section head Martin Jares said at a conference on the financing of municipalities yesterday.

More than Kc558bn should flow to the state budget, over Kc208bn to budgets of individual municipalities and regions and nearly Kc17bn to the State Transport Infrastructure Fund (SFDI).

When compiling the state budget for this year, the ministry reckoned with tax revenues totalling more than Kc773bn. The revenues will, however, be lower due to worse economic performance.

"Tax collection is approximately the same as last year, so it is clear that we will not achieve the goal," Jares said.

When compiling this year's state budget, the Finance Ministry expected GDP to grow, but its latest forecast now expects a GDP fall of 0.5 percent.

In 2014, total tax revenues should amount to nearly Kc811bn. Municipalities and regions should receive over Kc214bn, the state budget almost Kc580bn and the SFDI nearly Kc17bn.

A question is is whether the state will collect more in value added tax (VAT) in the following years as VAT rates should rise by one percentage point, Jares said.

According to plans, VAT collection should generate nearly Kc300bn next year, of which the state budget should receive Kc214bn. In 2014 VAT collection should grow to Kc312bn, of which the state would receive Kc223bn.

According to data on the development of the state budget, a total of Kc127.5bn were collected in VAT by the end of August, 1.6 percent more year-on-year. The Finance Ministry's plans reckon with a growth of 15.5 percent to Kc221.6bn for the entire 2012.

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Source: http://praguemonitor.com/2012/09/05/finmin-tax-revenues-grow-czk-783bn-2013

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