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Higher tax revenues in following years

Compared to the forecast from November 2013, tax revenues forecast to be higher by EUR 261m (0.4% of GDP) and EUR 189m (0.3% of GDP) in 2013 and 2014, respectively. Main factors include improved VAT collection, higher revenues from excises and anticipated better accrual CIT revenues. The impact of the revised macroeconomic forecast is slightly negative due to lower projected inflation.