ΓΔ: 1382.06 -1.32% Τζίρος: 83.99 εκ. € Τελ. ενημέρωση: 14:28:01 ΣΤΟΙΧΕΙΑ ΑΓΟΡΑΣ
Xrimata, Money, Metrita, Cash, Metrita
Πηγή: Shutterstock

New tax revenue overperformance thanks to VAT and income tax

Tax revenues increased by 7.1% against the target, over 5,5 million euros, while the state budget primary balance on a modified cash basis amounted to a surplus of 2,282 million euros

The state budget balance presented a surplus of 1,093 million euros in January, compared to a target of a deficit of 82 million euros that has been incorporated for the same period of 2024 in the 2024 budget introductory report and a surplus of 1,480 million euros for the same period of 2023. 

The state budget primary balance on a modified cash basis amounted to a surplus of 2,282 million euros, against the primary surplus target of 1,118 million euros and the primary surplus of 2,773 million euros performed at the same period of the previous year. It is noted that the main part of the difference in the primary balance surplus against the target, in cash terms, is not counted in the 2024 primary balance in fiscal terms. 

Indicatively, 159 million euros relating to the Recovery and Resilience Facility revenues (RRF), which were collected with a time differentiation, as well as, 205 million euros relating to the time differentiation of the cash payments for military procurement, do not affect the fiscal result in accrual terms, while the difference in net tax revenues of 307 million euros, is almost entirely accounted for, in the fiscal result of 2023. Therefore, the primary balance in fiscal terms differs significantly in comparison to the result in cash terms. 

State budget net revenues amounted to 6,717 million euros in January, showing an increase of 993 million euros against the target of the corresponding period, which is included in the 2024 budget introductory report. This increase is mainly due to: a) the increased tax revenues by 307 million euros, after deducting tax refunds, b) the increased PIB revenues by 390 million euros and c) to the collection of 159 million euros from Recovery and Resilience Fund (RRF), which was projected to be collected in March 2024.

State budget total revenues amounted to 7,218 million euros, 1,055 million euros or 17.1% higher against the target.

More specifically, the major revenue categories of the state budget are as follows:

I. Tax revenues amounted to 5,561 million euros, 369 million euros or 7.1% higher against the target which is included in the 2024 budget introductory report. This overperformance is mainly due to the better performance of the previous year’s income taxes of natural and legal persons collected in installments until the end of February 2024, as well as, the better performance in the collection of the current year’s taxes (VAT, excise taxes etc.).

Particularly for the main tax revenues categories we observe the following:

  • VAT revenues amounted to 2,423 million euros, 29 million euros higher against the target.
  • Excise tax revenues amounted to 528 million euros, 33 million euros higher against the target.
  • Property tax revenues amounted to 113 million euros, 5 million euros lower against the target.
  • Income tax revenues amounted to 1,896 million euros, 256 million euros higher against the target.

II. Social Contributions amounted to 5 million euros in line with the target.

III. Transfers amounted to 1,093 million euros, 384 million euros higher against the target which is included in the 2024 budget introductory report. An amount of 159 million euros collected from the Recovery and Resilience Facility (RRF), whereas an amount of 925 million euros, comes from PIB revenues, which is 243 million euros higher against the target.

IV. Sales of goods and services amounted to 115 million euros, 44 million euros higher against the target which is included in the 2024 budget introductory report.

V. Other current revenues amounted to 430 million euros, 242 million euros higher against the target which is included in the 2024 budget introductory report. An amount of 179 million euros, out of 430 million euros, comes from PIB revenues, which is 147 million euros higher against the target.

VI. Sales of fixed assets revenues amounted to 15 million euros, against a zero target.

Tax refunds amounted to 501 million euros, 62 million euros higher than the target (439 million euros).

PIB revenues amounted to 1,104 million euros, 390 million euros higher than the target (714 million euros).
State Budget expenditures for the period of January of 2024 amounted to 5,625 million euros, 182 million euros lower than the target (5,806 million euros), which is included in the 2024 budget introductory report. Τhey were also decreased in comparison to the respective period of 2023 by 61 million euros, mainly due to the decreased cash payments for transfers to other legal entities.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 395 million euros. This evolution is mainly attributed to the time differentiation of the cash payments for military procurements of the Ministry of Defense by 205 million euros.
Investment expenditure amounted to 948 million euros presenting increased payments by 213 million euros compared to the target. This increase is due to PIB expenditure over performance by 222 million euros.

It is noted that at the beginning of the fiscal year, the entities give priority to committing appropriations to service the payables of the previous years, as well as, in the context of multiannual obligations.

Google news logo Ακολουθήστε το Business Daily στο Google news

RELATED ARTICLES