Fis­cal hole grows to 2.6 bil­lion eu­ros

Kathimerini English - - Business & Finance -

Gov­ern­ment rev­enues fell in the first five months of the year, cre­at­ing a 2.6-bil­lioneuro fis­cal hole af­ter the min­istry was forced to re­turn larger-than-ex­pected amounts to tax­pay­ers.

A re­cently in­tro­duced in­cen­tive of­fer­ing tax ben­e­fits for those who pro­vide proof of liv­ing ex­penses by col­lect­ing reg­is­ter re­ceipts re­sulted in the min­istry re­turn­ing more money on an­nual tax re­turns than planned.

Even though gross rev­enues rose in May by 2 per­cent in com­par­i­son with the pre­vi­ous month, net rev­enues for the month dipped 10 per­cent year-on-year.

Specif­i­cally, rev­enues for the Jan­uaryMay pe­riod fell to 17.9 bil­lion eu­ros, from 19.7 bil­lion in the same pe­riod last year. The Fi­nance Min­istry had ex­pected to col­lect 20.5 bil­lion eu­ros for the five-month pe­riod.

Greece’s 2011 bud­get tar­gets an­nual rev­enue growth of 8 per­cent.

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