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Greek Tax Revenue Misses Target

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Greek tax revenue for the January-November 2014 period missed its target by 678 million euros, which is attributed to the significant reduction in income tax collection (at 416 million euros), according to data published by the Finance Ministry yesterday. In addition, new expired debts reached 12.5 billion euros.
In order to meet the 2015 state budget target, the Greece has to collect 6.07 billion euros in tax revenue, while in total, along with the Public Investments Program revenue, the state coffers must receive some 9.3 billion euros. The primary budget surplus from January until November 2014 stands at 3.56 billion euros, despite the revenue shortfall. Tax revenue reached 39.55 billion euros, against a target of 40.23 billion, while net revenue of the 2014 budget amounted to 41.77 billion euros, 2.2% (or 918 million) down compared to the 2015 budget.
Below target, in a less significant extent, came also the taxpayers’ income tax (196 million euros off target), the direct taxes of previous years (61 million euros off target), other direct taxes (80 million euros off target), value added tax on fuel (97 million euros off target) and other special consumption tax on energy goods (58 million euros off target).
In contrast, tax revenue on property and capital transfers exceeded the target by 22 million euros.

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