Greece Falls Short of Revenue Targets in 8 Months Despite Tax Storm



taxes

Greece has fallen short of its revenue target by 1.8 percent. A deficit in the budget balance worth 1,040 million euros in the first eight months of 2016 and 1,104 million euros for the same period in 2015 bringing the deficit balance to 3,880 million euros for the period of January to August 2016.

Data shows the following:

  • Gross revenue from the state budget amounted to 31,945 million euros, showing a reduction of 589 million euros or 1.8 percent of the target.
  • The net yield of the regular budget was at 29,878 million euros, showing a 458-million-euro increase or 1.6 percent of the target.

In particular, from January – August 2016, there were increases noted in the following sectors that surpassed targets:

a) Corporate tax by 207 million euros or 14.1 percent;
b) Direct taxes by 158 million euros or 14.1 percent;
c) Other direct taxes by 96 million euros or 5.6 percent;
d) Tobacco VAT by 58 million euros or 13.5 percent;
e) Other VAT at 387 million euros or 4.9 percent;
f) Insurance contributions tax by 28 million euros or 14.5 percent;
g) Car registration duties by 40 million euros or 55.5 percent;
h) Other tax rates by 170 million euros or 9.2 percent;
i) Car duties by 13 million euros or 16.2 percent;
j) Indirect taxes by 272 million euros or 87.4 percent;
k) EU Receipts at 171 million euros or 181 percent;
l) Other tax revenue at 405 million euros or 17.1 percent.

Reduced target rates were noted for the same period in the following basic categories:

a) Income tax of natural persons by 18 million euros or 0.4 percent;
b) Special category income tax by 63 million euros or 7.3 percent;
c) Property tax by 624 million euros or 34.6 percent;
d) Fuel VAT by 158 million euros or 13.5 percent;
e) Other transaction taxes by 20 million euros or 6.2 percent;
f) Tax on energy products by 13 million euros or 0.5 percent;
g) Other consumption tax by 131 million euros or 40 percent;
h) Other indirect taxes by 39 million euros or 14.8 percent;
i) The yield for abolished special accounts by 12 million euros or 6.2 percent;
j) Revenue from reinforcement liquidity programs due to the credit crisis by 95 million euros or 53.2 percent;
k) Revenue from ANFAs & SMPs by 225 million euros or 37.5 percent;
l) Privatization revenue by 85 million euros or 59.5 percent.