2013 Budget Close, But No Surplus ({{commentsTotal}})

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Business

Factoring in adjustments for actual revenue and expenditure, last year's state budget came close to breaking even.

The state collected 7.61 billion euros last year, which represents 101.7 percent of the plan, while expenditure was clocked at 7.74 billion, 99.5 percent of the initial budget, the Ministry of Finance revealed today.

The deficit was predicted at 300 million euros, but has now been revealed to be only 130 million.

The increase was mainly driven by tax on business profits, which increased by 40 percent as many companies opted to pay dividends for the first time in years. Personal income tax, social tax and VAT also increased, by 15.3, 7.2 and 3.8 respectively.

Fuel excise duty was the worst performer, as only 92 percent of the planned sum was collected.

Social benefits made up the biggest slice of the expenditure, 2.83 billion euros, an 5.9 percent increase compared to 2012.

Since 2003, the nation's budget has ended up in the red half exactly of the times, with the last surplus recorded in 2010.

This year's budget has forecast 8.00 billion in income and 8.06 billion going the other way, but the norm in Estonia is to underestimate income and overestimate expenses.



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