Primary surplus up by 2.5 billion euros in first half of 2016

The General Accounting Office’s tight spending policy, in conjunction with the recent…

The General Accounting Office’s tight spending policy, in conjunction with the recent VAT hike and increase in customs revenue have resulted in the net revenue of the regular budget, including community funding, to exceed 23 billion euros in the first half of 2016.

This is about 1.5 billion euros more than the revenue during the same period of 2015 and similar to the revenue n 2014, when the Greek economy first appeared to recover the crisis in recent years. As such, the primary surplus at the end of June 2016 amounted to over 2.5 billion euros, which translates in 1.5% of the country’s GDP.

The Alternate Minister of Finance Giorgos Houliarakis intends to present this date to the EC’s Pierre Moscovici, in order to enter talks and begin preparations on the next structural reforms in the economy, as well as labor market reforms.

Although these divs are encouraging, Greek authorities will be under major pressure in the second of the year, when income tax, ENFIA and road tax are due. Greek taxpayers are also feeling the pressure, as the recent clearing of tax returns shows that 2.1 million taxpayers will end up paying an additional 3.2 billion euros.

The Finance Minister will focus its efforts on collecting insurance contributions and other revenue from social insurance, while coordinating will local government in order to remain with budget targets.

Greece’s creditors have also dispatched a team of financial experts to the General Accounting Office in order to assist in the restructuring of financial auditing services, the transfer of responsibilities to Directors-General and expenditure flowing.

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