Greek Budget Exceeds Surplus Target for First Half of 2015



Greece new budgetGreece’s State Budget Primary Balance amounted to a surplus of 3,712 million euros, against the primary surplus target of 2,988 million and the primary surplus of 2,279 million performed on the same period last year.

State Budget net revenue amounted to 26,874 million euros, showing an underperformance of 3,942 million or 12.8% against the target. Ordinary Budget net revenue amounted to 24,839 million euros, 4,097 million or 14.2% lower than the target. The shortfall for the January-July 2015 period against the target is due to:

– Extension of submission of declarations and first installment payment of Personal Income Tax (PIT)

– Extension of submission of declarations and installments payment of Corporate Income Tax (CIT)

– Non assessment and no payment of first installment of ENFIA (single property tax)

– No receipt of 1.724 million euros of ANFA & SMP revenue

– Tax refunds amounted to 1,546 million euros, decreased against the target (1,863 million euros) by 318 million

– PIB revenue amounted to 2,035 million euros, increased against the target by 155 million

According to final data from July 2015, State Budget net revenue amounted to 5,046 million euros, 3,044 million or 38% lower than the monthly target.

Ordinary Budget net revenue amounted to 5,039 million euros, 2,441 million or 33% lower than the monthly target. It is worth mentioning that, according to the final data, State Budget net revenue (mainly Tax Revenue) for July is 185 million euros higher than the preliminary data.

In July 2015, significant underperformance against the target showed:

– PIT by 448 million euros or 29%

– Property taxes by 671 million euros

– Other direct taxes by 152 million euros or 28%

– VAT on fuels by 62 million euros or 27%

– Other transaction taxes by 33 million euros or 33%

– Other non tax revenues by 72 million euros or 23%

Increased against the monthly target were revenues from:

– CIT by 381 million euros or 120%

– Other VAT by 6 million euros or 0.5%

Tax refunds for the July 2015 period amounted to 215 million euros, decreased against the monthly target (412 million) by 197 million.

State Budget expenditures amounted to 27,714 million euros, 4,477 million lower than the target (32,191 million).

Ordinary Budget expenditures amounted to 26,516 million euros and were decreased by 3,104 million against the target, mainly due to the reduction of primary expenditure by 2,883 million, the reduction of military procurement (on a cash basis) by 358 million and the reduction of Guarantees called by 81 million. 

(Source ANA-MPA)