In a recent statement, Slovak Prime Minister Robert Fico announced that although the government intends to significantly cut spending next year, it does not plan to increase taxes.
Although Slovakia has been badly affected by the global economic crisis this year, the Prime Minister ruled out the idea of any possible increases in sales or income tax, evoking the idea of raising taxes on alcohol or cigarettes instead.
According to Finance Minister Jan Pociatek the overall fiscal deficit is set to rise to around 6.29% of GDP this year. The government aims to reduce this fiscal gap to 5.5% of GDP next year and then further to 4.2% in 2011, in a bid to finally bring the deficit below the EU threshold in 2012.
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