Czech state budget surplus grows to Kc4.5bn in July


01.08.2014 14:32

Prague - The Czech Republic´s state budget surplus grew to Kc4.5bn in July from June´s Kc1.5bn, while last year in July, state budget ended in a Kc27.6bn deficit, the Finance Ministry announced today.


Přepravní bezpečnostní schránka, bankovní trezor, české bankovky, peníze, koruna - ilustrační foto. CTK Horázný Josef, Fotobanka ČTK

This year, the state budget was in a deficit only in May. State budget with a Kc112bn gap has been approved for the whole of this year.

State budget revenues increased by Kc40.4bn year on year to Kc670.3bn. Tax revenues without social security insurance payments rose by Kc25.7bn to Kc331.7bn.

VAT collection was more than 8 percent higher at Kc137.6bn. The ministry plans a 2.3 percent increase in VAT collection compared with the budget approved last year.

"Collection in 2014 is partly positively influenced by the non-payment of excessive VAT deductions within the start of steps to remove the tax administrator´s doubts by some taxpayers as of end-2013," the ministry said.

"Measures for fight against tax evasions also have a positive effect on the tax collection, among them mandatory caution money for fuel traders," it added.

Excise duty collection rose by Kc5.3bn to Kc78.8bn, in particular thanks to excise duty from tobacco products whose collection increased by Kc4.3bn to Kc29.3bn.

The relatively high collection is related to pre-stocking due to the increase in the rates on tobacco products as of January 1.

State budget expenditures increased by Kc8.3bn to Kc665.8bn. The state paid Kc238.5bn in social allowances as of end-July, Kc7.5bn more than a year ago.

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