Prague - Czech state budget ended in a Kc45bn surplus in January, compared with a Kc42.4bn surplus seen a year earlier, the Finance Ministry announced today.
Přepravní bezpečnostní schránka, bankovní trezor, české bankovky, peníze, koruna - ilustrační foto. CTK Horázný Josef, Fotobanka ČTK
For the whole of this year, the budget has been approved with a Kc112bn deficit.
Total budget revenues grew by Kc4bn year on year to Kc129bn. The main reason is the growth in revenues from the EU and higher collection of excise duty on tobacco products. On the other hand, VAT collection was lower yr/yr.
State budget gained Kc32bn in VAT in January, 7.4 percent less than a year earlier. The planned budget reckons with only a 0.6 percent fall against last year.
Excise duty brought in Kc24.7bn, Kc3.2bn more than in January 2013. Excise duty collection from tobacco products increased by Kc2.8bn to almost Kc17bn.
The ministry ascribes the growth partly to pre-stocking due to the increase in VAT rates as of January 2014.
Total budget expenditures in January were Kc1.4bn higher yr/yr and reached Kc84bn. The state paid Kc35.6bn in social allowances, Kc0.8bn less yr/yr.