- The cash deficit of the state budget reached 3.1 billion euros at the end of May.
- Year-on-year, state revenues increased to 9.416 billion, expenses to 12.516 billion.
- Tax revenues increased by 358.7 million euros, almost all main taxes grew.
At the end of May of this year, the state budget reached a cash deficit of 3.1 billion euros. It meant a year-on-year deterioration of the state’s economy by 262 million euros or 9.2%. The Ministry of Finance (MF) of the Slovak Republic informed about this on Monday. Compared to the same period last year, state budget revenues increased by EUR 374.5 million (+4.1%) to EUR 9.416 billion in May. In a year-on-year comparison, state expenditures were higher by 636.6 million euros (+5.4%) and reached 12.516 billion euros.
The year-on-year increase in tax revenues in the fifth month of the year amounted to EUR 358.7 million (+4.6%). “A positive year-on-year development was recorded for almost all taxes, with corporate income tax at 97.5 million euros, consumption taxes at 88.1 million euros, insurance tax at 11.6 million euros and value added tax at 1.3 million euros,” brought closer by the Department of Finance.
The MoF also recorded a positive development in the tax on financial transactions, where there was a year-on-year increase of 177.1 million euros. Income tax revenue from natural persons was also higher, by EUR 97.9 million. On the contrary, the special levy on business in regulated industries was lower by 87.3 million euros. A negative development was also recorded in the withholding tax in the amount of 25.8 million euros and in the tax on motor vehicles in the amount of 1.1 million euros. In May, there was also a negative development in the income from the budget of the European Union (EU), where there was a year-on-year decrease of 10.9 million euros (-1.6%), the ministry calculated.
“In the categories of state budget expenditures related to drawing funds from the EU budget, there was a year-on-year increase of 48.8 million euros (+7.1%), while the year-on-year decrease in expenses for co-financing joint programs of the Slovak Republic and the EU amounted to 59.1 million euros (-28.9%).” continued the department. There was an increase of EUR 248.4 million (+59.1%) in expenses related to the use of funds from the Recovery and Resilience Plan. The levy to the EU budget increased year-on-year by 101.3 million euros (+25.6%).
According to the Ministry of Finance, expenses for servicing the state debt recorded a year-on-year increase of 353.4 million euros (+40.5%) in the fifth month of this year. The transfer to the Social Insurance Company, on the other hand, decreased by EUR 248.5 million (-35.5%).
