Budget: Primary surplus despite a decline in tax revenue
A three-billion euro primary surplus was documented at the end of September, despite tax revenue having dropped by about…
A three-billion euro primary surplus was documented at the end of September, despite tax revenue having dropped by about two billion euros. This is attributed to the delay in payments and State expenses.
According to the monthly report on the execution of the budget that is published by the General Accounting Office, on a modified cash basis and between January and September 2015 there is a 1.904 billion euro deficit, compared to a 2.285 billion euro deficit for the same period in 2014 and the revised goal in the 2016 budget draft of 3.737 billion euros.
As such, the primary surplus amounted to 3.072 billion euros, compared to a 2.532 billion euros surplus in 2014 and the revised goal of 1.271 billion euros. The State budget’s net revenue came to 34.292 billion euros, down by 2.049 billion euros (5.6%) compared to the revised target.
The report shows revenue increase of 16 million euros (1%) in the income tax of legal persons, 25 million euros (2.4%) in the income tax of special categories, 21 million euros (2.4%) from property tax and 8 million euros (2.2%) from various transaction taxes
On the contrary, the reports show that there was a shortfall of 194 million euros (3.2%) from personal income tax, 80 million euros (1%) from VAT, 44 million euros (16.5%) from insurance taxes, 40 million euros (16.7%) from various consumption taxes and 71 million euros (2.6%) from various non-tax revenue streams.