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Czech Budget Shows Surprise Surplus

by Philip Morton, Investors Offshore.com

04 December 2007


Increased tax revenues over the past year have contributed to a Czech budget surplus of nearly CZK12.8 billion at the end of November, although a full year deficit is expected, due to December expenditure.

At the end of November 2006, there was a budget deficit of CZK30.92 billion, meaning that despite the expected drop in December, the figures still represent a significant improvement in the government's fortunes.

The full year deficit for 2007 is expected to be in the region of CZK81 billion, according to the country's Finance Ministry, down from earlier predictions of CZK91 billion.

According to a Dow Jones report, the Finance Ministry revealed this week that overall tax revenues "were in all higher by CZK10.5 billion in comparison with the year-ago period".

Revenue collection is reportedly being boosted by a higher VAT take, as the country's taxpayers take advantage of increased levels of disposable income.


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