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Banking

Tax revenues to exceed plan by 4.3% in 2006.

Tax revenues to exceed plan by 4.3% in 2006. The budget should collect SKK 9.3bn in extra revenues this year, which would represent 4.3% above the target for the year, the finance ministry estimated. The highest contribution for the strong collection was expected from the corporate tax revenues, which should provide SKK 6bn more than the plan due to the robust economic growth, reflected in a more than proportional increase in the corporate profits. The improvement of the financial situation of the companies was also shown in a strong real wage growth, inducing high private consumption growth and correspondingly, high revenues from VAT. The latter should come above the target by some SKK 4bn and compensate a SKK 2.6bn shortfall from excise tax revenues. The collection of excises was negatively influenced by stock accumulation last year, preceding the hike of the excise tax rate on tobacco. It favourably affected the revenue collection in 2005 but had a mirror effect for the execution in this year. The positive revenue performance should help the budget contain its deficit to 3.7% of GDP for 2006 or below the originally planned 4.2% of GDP deficit for the year, including the costs of the pension reform.

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