Slovenia was expected to end 2008 with a budget surplus of EUR 70m, but Finance Minister Andrej Bajuk revealed Wednesday that the surplus would actually reach EUR 240m or 0.65% of GDP.
"Since the adoption of the supplementary budget [in May]...we acquired new data from the Tax Administration regarding personal and corporate income tax. We expect the surplus to reach EUR 240m," the minister said.
Bajuk was presenting the achievements of his ministry over the past four years, highlighting reduced public spending, tax reform, the introduction of the euro and the privatisation of NKBM, the no. 2 bank.
As part of the tax reform, the government started a phase-out of the payroll tax, increased the general tax relief, reduced the progressivity of tax brackets and cut corporate tax. "The tax reform reduced the tax burden," he said.
Bajuk labelled the introduction of the euro in 2007 as a major achievement. "This turned out to be one of the most important steps."
There are also tasks that the ministry has failed to accomplish. Bajuk mentioned an overhaul of legislation on the Court of Audits and acts governing public finances.
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