500 million euro shortfall documented in July’s public revenue

3 August 2016
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Public revenue in July this year amounted to 4.8 billion euros, which is 500 million euros (9.5%) short of the government target of 5.3 billion euros.

Despite the shortfall though, public revenue during the seven-month period between January and July was about 200 million euros above the government targets.

July is a critical month for public revenue, as tax payers were due to pay 1.2 billion euros for the first installment of their income tax. The controversial 24% VAT rate was also applied for the first time in July.

It has not yet been determined what has caused the shortfall in public revenue, however this development has caused concern among the government’s financial officers.

General Accounting Office: “No reason for concern…”

Sources from the General Accounting Office have dismissed concerns over the progress of public revenue.

Speaking to the Athens-Macedonia News Agency, the sources commented that in the first half of the year the net revenue of the regular budget amounted to 20.960 billion euros, which is about 777 million euros (3.8%) above targets.

As for July, the General Accounting Office sources underlined that on a cash basis, revenue exceeded the target by 105million euros.

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