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Tuesday, September 2, 2008

Central budget surplus narrows 76.1% y/y in Jan-Aug.





Central budget surplus narrows 76.1% y/y in Jan-Aug. The central budget surplus narrowed by 76.1% y/y to CZK 5.3bn (EUR 215.1mn) in Jan-Aug, the finance ministry reports. Revenues increased by 5.3% y/y to CZK 691.4bn, of which tax receipts added 4.3% y/y to CZK 342.4bn. Expenditures grew at a faster pace of 8.1% y/y to CZK 686.1bn. In August alone, revenues declined by 15.7% y/y to CZK 62.6bn. Revenues from personal income charges declined 5.3% y/y as a result of the shift to a flat tax rate. Despite the newly enforced increase in the preferential VAT rate, the line receipts advanced by 7.5% y/y in Jan-Aug to mirror the index of consumer price inflation for the period that could be a signal of increased tax evasion or lower consumer demand in volume terms. Given that the higher VAT burden applies mostly to inelastic goods, the likelihood of increased tax evasion looks quite high and may pose risks on the mid-term fiscal targets. The budget report of the finance ministry shows that the county has received EU funds for a total of CZK 24.5bn in Jan-Aug while it has paid a contribution of CZK 18bn to the EU budget. Central budget (CZK bn) Jan-Aug/2008 Change (%, y/y) 2008 budget plan Relation to plan, % Revenues 691.4 5.3 1,040.6 66.4    Tax revenues 342.4 4.3 551.3 62.1     Corporate income tax 74.6 10.5 117.9 63.3     Individual income tax 60.9 -5.3 90.2 67.5     VAT 115.1 7.5 191.9 60.0     Excise tax 79.0 1.9 134.8 58.6     Social and health insurance 256.3 7.2 387.1 66.2    Retirement contributions 211.1 7.2 321.3 65.7 Transfers from EU budget 24.5 -0.1 79.2 30.9 Expenditure 686.1 8.1 1,111.9 61.7 Social benefits 263.9 2.3 393.7 67.0 Pensions 204.2 5.7 305.4 66.9 Own payments to EU budget 18.0 8.8 29.9 60.2 Balance 5.3 -76.1 -71.3 -7.5 Pension account 6.9 90.1 15.9 43.2 Source: Finance ministry







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