Big shortfall in March tax revenues

16 April 2016
802 Views

Budget revenues slumped last month, official figures from the Finance Ministry showed on Friday, as they posted a shortfall of more than 1 billion euros. However, on a quarterly level the revenue gap was contained at just 69 million euros as the state cashed in the Bank of Greece dividend of 775 million euros in February.

The big shortfall is seen in tax takings, which is what keeps leading the country’s creditors to demand further measures, as tax collectibility has been dramatically reduced. This means that for each euro the state needs to collect, the government must impose a tax of more than 1.2 euros.

March data showed that the sum of the state budget’s net revenues amounted to 2.9 billion euros, missing the monthly target by 1 billion euros. Expenditure last month camer to 3.9 billion euros, 651 million euros off the monthly target.

Spending by the Public Investments Program came to 220 million euros, saving 65 million from March’s budget.

Provisional ministry figures showed that the primary surplus in the first quarter of the year amounted to 2.6 billion euros, or 1.6 billion euros more than the budget target.

You may be interested

Accidental experiment solves Century-old Chemistry problem
WORLD
shares19 views
WORLD
shares19 views

Accidental experiment solves Century-old Chemistry problem

Panos - Feb 24, 2021

Researchers in Uppsala, Sweden accidentally left a chemistry experiment running over a long weekend. When they returned to the lab,…

ABTA: Greece among the five most popular destinations for 2021
GREECE
shares18 views
GREECE
shares18 views

ABTA: Greece among the five most popular destinations for 2021

Panos - Feb 24, 2021

Greece is among the top 5 most popular destinations for holidaymakers, according to booking trends by Travel Association ABTA. Travel Association…

Dreamy sunset in Mykonos Island in Greece (video)
GREECE
shares24 views
GREECE
shares24 views

Dreamy sunset in Mykonos Island in Greece (video)

Panos - Feb 24, 2021

Magic hour during sunset and dusk at Little Venice in Mykonos island, one of the most romantic places in the Mediterranean and…

Leave a Comment

Your email address will not be published.