Czech budget surplus widens 98.1% y/y in Jan 2012 on higher tax receipts.

By bne IntelliNews February 2, 2012
The Czech central budget deficit widened by 98.1% y/y to CZK 21bn (EUR 833.7mn) in January 2012, reaching its highest level since 2000 thanks to higher tax revenue, the finance ministry said. Total budget revenue increased by 7.6% y/y to CZK 100.2bn, while expenditures fell by 3.5% y/y to CZK 79.2tn. Revenue from taxes rose by CZK 6.3bn driven by higher collection of excise and value-added taxes. VAT collection moved up 6.2% y/y to CZK 32.6bn. Excise tax revenue climbed 22.9% y/y to CZK 16.6bn, while revenue from corporate income tax declined by CZK 0.2bn to CZK 0.4bn. The 2012 budget envisages an overall deficit of CZK 105bn, with revenue expected at CZK 1.085tn and expenditure at CZK 1.190tn.

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