Public revenue shrunk by 2.2% between January and July

26 August 2016
123 Views

According to the data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January – July of 2016 presented a deficit of 832 million Euros, against the target of 2016 Budget of deficit of 3.486 million Euros and the deficit of 840 million Euros for the same period of 2015.

The State Budget Primary Balance amounted to a surplus of 3,550 million Euros, against the primary surplus target of 874 million Euros and the primary surplus of 3,712 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 27,998 million Euros, showing an underperformance of 641 million Euros or 2.2% against the target.

Ordinary Budget net revenues amounted to 25,951 million Euros, 401 million Euros or 1.6%, higher than the target.

Particularly, during the period of January-July 2016, there was an increase against the target in the following main revenue categories:

a) Direct Tax Arrears by 127 million Euros or 12.1%,

b) Other direct taxes by 66 million Euros or 4.3%,

c) VAT tobacco by 79 million Euros or 21.2%,

d) VAT other by 251 million Euros or 3.6%,

e) Tax on Vehicles by 38 million Euros or 58.5%,

f) Other Excise Taxes (Tobacco, etc) by 244 million Euros or 15.2%,

g) Indirect Tax Arrears by 241 million Euros or 80.9%,

h) Drawings From E.U. by 148 million Euros or 164.0%,

i) Other Non-Tax Revenue by 306 million Euros or 13.7%.

During the same period there was an underperformance against the target in the following main revenue categories:

a) Personal Income Tax (PIT) by 126 million Euros or 2.8%,

b) Income tax other by 87 million Euros or 11.6%,

c) VAT Fuel by 160 million Euros or 15.5%,

d) Excise Tax on Fuel by 33 million Euros or 1.4%,

e) Other Consumption Taxes by 127 million Euros or 43.4%,

f) Other Indirect Taxes by 46 million Euros or 18.8%,

g) Liquidity support plan proceeds by 72 million Euros or 46.5%,

h) ANFA’s & SMP’s revenues by 225 million Euros or 37.5%,

i) Privatization proceeds by 87 million Euros or 61,2%

Tax refunds (excluding those from the arrears clearance programme) amounted to 1,720 million Euros, increased against the Budget 2016 target (1,500 million Euros) by 220 million Euros.

PIB revenues amounted to 2,047 million Euros, decreased against the target by 1,043 million Euros.

Particularly, in July 2016 the State Budget net revenues amounted to 5,011 million Euros, 776 million Euros lower than the monthly target.

Ordinary Budget net revenues amounted to 4,991 million Euros, 375 million Euros lower than the monthly target.

The decrease in July 2016 revenues is mainly due to:

a) Personal Income Tax (PIT) by 272 million Euros

b) Income tax other by 55 million Euros,

c) Other direct taxes by 45 million Euros

d) VAT tobacco by 41 million Euros

e) Other excise taxes (tobacco, etc) by 160 million Euros

f) Other non-tax revenue by 132 million Euros.

In July 2016, the main revenue categories that increased against the monthly target are the following:

a) Corporate Income Tax (CIT) by 295 million Euros

b) Property taxes by 42 million Euros

c) VAT other by 37 million Euros,

Tax refunds (excluding those from the arrears clearance programme) for the period of July 2016 amounted to 249 million Euros, increased against the monthly target (209 million Euros) by 40 million Euros.

PIB revenues for the period of July 2016 amounted to 19 million Euros, decreased against the target by 401 million Euros.

State Budget expenditures for the period of January – July of 2016 amounted to 28,830 million Euros, 3,295 million Euros lower than the target (32,126 million Euros).

Specifically, ordinary Budget expenditures amounted to 27,125 million Euros and were decreased by 2,395 million Euros against the target, mainly due to the reduction of primary expenditure by 2,003 million Euros.

Ordinary Budget expenditures were increased compared to the respective period of 2015 by 609 million Euros. Expenditures increased by 390 million Euros for grants to hospitals, 122 million Euros for allowance for tackling humanitarian crisis, 162 million Euros for agricultural subsidies and 46 million Euros for military procurement for the Ministry of National Defence.

PIB expenditure amounted to 1,705 million Euros, lower by 900 million Euros than the target.

For July in particular, State Budget expenditures amounted to 4,834 million Euros, 55 million Euros above than the monthly target, while Ordinary Budget expenditures amounted to 4,431 million Euros, showing an overshooting by 72 million Euros against the monthly target. Public Investment Budget (PIB) expenditure amounted to 403 million Euros showing an underperformance of 17 million Euros against the monthly target.

You may be interested

EU Poll: Greeks overwhelmingly convinced of widespread corruption
FINANCE
shares35 views
FINANCE
shares35 views

EU Poll: Greeks overwhelmingly convinced of widespread corruption

makis - Dec 12, 2017

Corruption in Greece is an ongoing political issue, that has been debated to death over the past 35 years. Now…

Turkish PM Yildirim escalates rhetoric against Greece
GREECE
shares35 views
GREECE
shares35 views

Turkish PM Yildirim escalates rhetoric against Greece

makis - Dec 12, 2017

Two days before his arrival in Greece, Turkish PM Binali Yildirim directly disputed the current Status Quo in the Aegean…

One in three Greeks unable to afford basic material goods
GREECE
shares59 views
GREECE
shares59 views

One in three Greeks unable to afford basic material goods

makis - Dec 12, 2017

One in three Greeks or 32% in 2016 were unable to enjoy basic material goods and social benefits, according to…

Leave a Comment

Your email address will not be published.