Mediafax (Mediafax)
Markets  |  June 01, 2012 14:55:05

MF: The deficit state budget in late May rose to 79.1 billion crowns

PRAGUE (MEDIAFAX) - The deficit of state budget in late May rose to 79.1 billion crowns, while revenue for this period amounted to 399.5 billion crowns in total expenditure of 478.6 billion crowns. Ministry of Finance reported on Friday that with the fact that last year after five months of the year the deficit amounted to 81.5 billion crowns.

Negative year on year reflected the fact high VAT collection in May 2011. "This was caused by an amendment to the VAT Act (effective from 1 4th 2011), under which taxpayers can claim a tax deduction until the tax period in which they had available tax bill. This abnormally in May 2011 increased tax collection, which is optically causes a decline compared to May 2012. This effect will be overcome in the coming months, "said Deputy Minister of Finance for tax and customs Ladislav Minčič.

Achieved a total revenue of $ 399.5 billion CZK represented 36.8% of the budget following changes (in May 2011 performed at 37.7%) and against the same period in 2011 were higher by 0.6 billion CZK, ie 0 , 1%. The budget for changes expected to rise by 7.2% against the reality of 2011.

Tax revenues (excluding premiums for SZ) reached 188.7 billion CZK, which represents 33.6% of the budget and a decrease of 2.1 billion CZK, ie 1.1% (budget expected to rise by 7.3 % against the reality of 2011). Compared to the same period last year budget by 1.5 percentage points lower. The annual decline was mainly due to lower tax collection and property taxes.

Collection of VAT accounted for 75.7 billion CZK, ie34.1% of the budget, which is 5.8 percentage points lower performance than in May last year (performance is partially distorted by the February tax collections, which reached refunds due to a negative value of CZK 3.4 billion). Fell by 2.3 billion CZK, ie 2.9%. Budget expected to rise by 15.5% against the reality of 2011, which primarily affects the amendment of the VAT Act, which increases the reduced rate of value added tax from 10 to 14 percent with effect from 1 January 2012. In connection with this change there was a change in tax assignment parameters (for the state budget, 71.78% of national income, 19.93% for municipalities and counties to 8.29%, ie, increasing the share of the state budget by 2.1 percentage points against the state in 2011).

Excise taxes (including taxes and energy dissipation of electricity from solar radiation) reached 54.5 billion CZK, which represents 38.3% of the budget (last year it was 38.6%) and annual growth of 0.2 billion CZK , ie by 0.3%. Of this amount were charges of electricity from solar radiation by CZK 1.6 billion (37.7% in performance). The budget for 2012 expected to rise by 2.2% against the reality of 2011. The most significant influence on the collection of excise taxes in 2012 is to increase rates of tobacco products effective 1 First The 2012th In addition, there were no significant legislative changes.

The state budget ended at the end of May 2012 deficit of 79.1 billion CZK, which is the same period of 2011, a better result by CZK 2.4 billion. In comparison to be lower expenditures (by CZK 1.8 billion) mainly positive influence of lower expenditure on building savings of 5.4 billion CZK.Total annual revenues are at a similar level.

Management of the budget in May alone resulted in deficit of CZK 34.3 billion (in May 2011 it was CZK 14.0 billion) while revenue amounted to CZK 63.2 billion (in May 2011 it was CZK 73.0 billion) and expenditures were drawn in the amount of 96.2 billion CZK (in May 2011 it was CZK 86.9 billion). In comparison to a higher deficit in May affected the very fact on the revenue and expenditure. May lower collection of revenues (by CZK 9.8 billion) were mainly lower tax collections without insurance in the NW (by CZK 12.9 billion), mainly VAT (by CZK 7.5 billion), excise taxes ( CZK 1.9 billion), property taxes (by CZK 3.2 billion).

The collection of VAT in fact showed a high May 2011. This was mainly due to an amendment to the VAT Act (effective from 1 fourth2011), under which taxpayers can claim a tax deduction until the tax period in which they had available tax bill. May affect spending in transfers to the direct costs of schools run by municipalities and regions, which represented an advance in May and June (in 2011 was transferred to the 2nd quarter advance in April).

(The report issued by the Agency unless otherwise indicated infographics)

Filip Sušanka,

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MF: Deficit státního rozpočtu ČR ke konci května vzrostl na 79,1 miliardy korun

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