Direct, indirect tax collection beats targets for Q1 2017; VAT remittances slump
Tax revenues exceeded a first-quarter 2017 target by 228 million euros, reaching 9.516 billion euros in total. Based on Greek finance ministry figures, the over-performance is primarily due to additional direct and indirect tax collection of arrears from previous years.
The figure for direct taxes was exceeded by 234 million euros above the target; 170 million euros above target was the figure for indirect taxes.
At the same time, VAT remittances posted a significant decrease, less by 159 million euros. The overall collection of taxes on tobacco products, for instance, fell short of the target in the first quarter by 144 million euros, despite the fact that yet another “special tax” was imposed at the beginning of the year.
Net revenues in the state budget show a gap of 863 million euros from the posted target, although the figure is misleading, given that only 63 million euros, out of the budgeted 1.354 billion euros that was expected to be derived from privatization proceeds, actually flowed into state coffers.
This figure will be overturned in the second quarter, when more than 1.2 billion euros from a concession agreement for 14 regional airports around the country will be included in the tally.
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