Budget shortfall will not breach CZK 100bn
8. 12. 2015 | Source: BusinessInfo.cz
The best 11-month result since 2008. That's the assessment of the finance ministry when it comes to where the budget shortfall had got to by the end of November.
Minister of finance Andrej Babiš (ANO) announced the figures at a gathering of leaders of the Czech construction industry. When the final figure is in for the full year of 2015, a markedly lower budget deficit than the approved limit of CZK 100bn would be anticipated, according to Babiš.
Overall budget revenue rose to the end of November by CZK 95.9m year on year to CZK 1,100bn. It was particularly finance from the European Funds - up year on year by CZK 56.5bn - that drove this improvement. Eleven-month tax receipts including social security payments were up CZK 39.8bn year on year and reached CZK 895.8bn. The results underline a distinct revival in the Czech economy, in the eyes of the finance ministry.
Budget receipts from tax paid by legal entities increased year on year by 11.4 percent to CZK 79.3bn, the highest level recorded at the 11-month stage since 2008, the year of the onset of the global financial crisis.
Originally published in E15 weekly, economic and business newsmagazine. Author: Jan Pavec