Tax Revenue forecasts
Tax Revenue Forecasts Committee
The Tax Revenue Forecasts Committee exploits the outcome of activities performed by the Macroeconomic Forecasting Committee. Tax revenues and social insurance contributions account for most of the public administration expenditure and the estimation thereof is marked by a considerable degree of uncertainty, as it is in the case of the economic environment. Any such uncertainty opens room for potential suspicions that the revenues have been deliberately overestimated or underestimated by the institutions accountable for the preparation of public budgets. The Tax Revenue Forecasts Committee is therefore required to contribute to strengthening public control over the process of constructing the public administration budget, such a contribution being achieved by engaging the expert public in the relevant discussions.
The Committee members include representatives of the following institutions: MF SR, ARDAL, State Treasury, NBS, INFOSTAT, ING Bank, SLSP, Tatra banka and CSOB. The Committee holds its sessions at least three times a year during the main stages of preparation of the national budget. It sits in order to discuss preliminary forecasts delivered by the Ministry of Finance, which predictions can be subsequently modified respecting the prevailing opinion of the Committee. The outcome of such discussions includes, among other things, an overall evaluation of the character of said forecasts, i.e. whether a conservative, realistic or optimistic forecast is concerned. The evaluating criterion is a one-per cent interval around the Finance Ministry’s ultimate forecast for the total income from taxes and social insurance contributions.