Finance ministry satisfied with July 2018 fiscal results; month deemed as milestone in execution of budget

17 August 2018
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Greece’s finance ministry appears fully satisfied with the first difficult “test” in the execution of this year’s state budget, with revenues in July 2018 exceeding the prescribed monthly target.

Overall, fiscal targets remained on course over the first seven months, despite the late July 2018 turmoil caused by a deadly wildfire in coastal eastern Attica prefecture and the beginning of what would subsequently become the Turkish lira crisis in August.

Net revenues in July 2018 reached 5.38 billion euros, up from a target of 4.917 billion euros, a development that facilitated the faster return of tax rebates owed by the state to individual taxpayers.

In terms of revenues before returns, the July 2018 goal of 5.416 billion euros was exceeded by 60 million euros (5.476 billion euros).

Both targets were revised downwards after ratification in Parliament of a memorandum-mandated mid-term fiscal strategy program.

July was deemed as the most crucial month so far in executing the 2018 budget, given that the first deadlines of the year to pay income taxes by individuals and legal entities came on the very last day of the month.

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