After the surprising increase in the Greek GDP in the second semester of 2015, the State Accounting Office has announced that tax and customs revenue in August amounted to 4.4 billion euros, about 320 million euros above the set target! Given the efforts to restore the flow of community resources (such as from the NSRF), the overall revenue for August may be even higher.
This positive development has been attributed to over 95% of taxpayers submitting their tax returns during the last week of August and then paying their first tax installment (or in full) via bank transfer or credit card. This is significant development compared to the major revenue shortfall in the previous month, July.
Officers at the Ministry of Finances pointed out that last year in August the revenue amounted to 3.39 billion euros, illustrating how impressive the increase of the tax and cash revenue is. On Tuesday, the 1st of September, the state revenue was up by 40 million euros, with further developments expected later in the month.
Revenue will be boosted as the surplus from August will be used to cover outstanding payments. Additionally any tax refunds (above 250 million euros) will automatically be offset with any taxpayer debts towards the state. Finally, about 150 million euros in community funding are going to be paid out on a weekly basis toward public investment programs and projects.
The VAT revenue is also expected to play a key role in reversing the negative economic climate, which grew worse in light of the profound and unprecedented political instability and complications.
