The Slovak cabinet approved on Thursday (Oct 10) its 2014 budget draft, which envisages the budget deficit to be reduced to 2.83% of GDP from an expected 2.98% this year, TASR news agency reported.
The shortfall is aimed to be cut further to 2.57% of GDP in 2015 and to 1.5% in 2016, according to the document. In nominal terms, the budget deficit should reach EUR 3.386bn in 2014, up from a target of EUR 3.085bn for 2013. Revenues are projected to fall to EUR 13.837bn from EUR 13.916 for 2013, while expenditure is expected to rise to EUR 17.223bn from EUR 17.002bn.
The draft budget proposes a relief to businesses with a reduction of the corporate tax rate to 22% from 23%, while loss making companies will be obliged to pay a so-called “tax licence” – a minimum fee to the state.
According to the document, the public debt should peak at 56.8% of GDP in 2014 before falling gradually to 55.7% of GDP in 2016.
The cabinet will now submit the budget draft both to the Parliament and to the European Commission by Oct 15. The Commission may suggest any changes by Nov 15.
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