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Uncertainty in corporate tax (July 2017)

Strong pace of economic expansion, robust labour market and stable effectiveness of VAT collection are offset by negative development of corporate income tax (CIT). Therefore we decrease tax revenues forecast by EUR -242 million for 2017 (-0.3 % GDP), EUR -231 million for 2018 (-0.3 % GDP), EUR -200 million for 2019 (-0.2 % GDP), EUR -169 million for 2020 (-0.2 % GDP) compared to our prediction from February.  Two main reasons caused deterioration of CIT revenues. First explains the decline in profitability of companies according to individual tax returns. Secondly unobserved one-offs in 2015 misled forecast of CIT revenues for 2016.