July state revenue exceeds target by € 200 million

14 August 2019
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Greece’s economic headquarters were relieved to find that July’s state revenues were over 5.5 billion euros, exceeding the set target by 4%, which translates into 200 million.

If state revenues continue on a similar positive course, the Greek Finance Ministry hopes to achieve the 3.5% target of GDP surplus.
This development is considered to be especially critical given the government’s negotiation with the institutions in September, in the context of the post-Memorandum supervision.

Overall, in the seven-month period January-July, reports indicate revenue stood at € 31.04 billion, up 8.1% from the € 28.7 billion targets. The data will be published within the week as part of the announcement of the state of implementation of the budget.
According to sources in the Ministry of Finance, over the same period of 7 months the tax refunds amounted to € 2.5 billion and they are also higher than the target (€ 2.25 billion) by 11.2 %, resulting in net revenue of € 28.5 billion, exceeding the target of € 7.84 billion (€ 26.4 billion).

The government’s target for September is to raise € 6.7 billion, as both the second tranche of income tax and the first tranche of special property tax (ENFIA) will be collected.

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