Tax administration revenues go up by 5.8% y/y in Jan-Oct.

Tax administration revenues go up by 5.8% y/y in Jan-Oct. The revenues of the tax and customs administration amounted to SKK 201.7bn in Jan-Oct, increasing by 5.8% y/y, the Tax Directorate spokeswoman Adriana Pleskova reported. This represented 90.7% of the annual target, compared to a 91.7% collection rate for the same period of last year. The tax revenues increased by 5.7% y/y, boosted by strong indirect tax and corporate income tax revenue. The revenues from the VAT were up by 6.8% y/y due to the higher-than-expected growth of the private consumption spending. At the same time, the excise tax rate hike on tobacco products was already registered in the budget revenues, raising the proceeds from the tax by 6.5% y/y for the period. In total, the indirect tax revenues met the plan at 87.9%, which suggests that some overperformance might be expected for the year as a whole. The revenues from the corporate income tax already exceeded the annual plan by 3.2% as they were up by 9.2% y/y, reflecting the strong profitability of the real sector companies. The non-tax revenues amounted to SKK 5.2bn for the period, rising by 10% y/y and representing 78.3% of the plan for the year.