State rev­enues 4 bil­lion eu­ros short of tar­get

Kathimerini English - - Front Page - PROKOPIS HATZINIKOLAOU

The state’s rev­enues short­fall for the first seven months of 2015 came to nearly 4 bil­lion eu­ros while gov­ern­ment spend­ing ground to an al­most com­plete halt.

Ac­cord­ing to the Min­istry of Fi­nance, there was a pri­mary sur­plus of 3.7 bil­lion eu­ros for the seven months from Jan­uary to July 2015 against a sur­plus of 2.3 bil­lion eu­ros for the same pe­riod in 2014, and a tar­get for a pri­mary deficit of 2.9 bil­lion eu­ros.

The min­istry said that net rev­enues came to 26.9 bil­lion eu­ros, 12.8 per­cent be­low the tar­get. For the month of July, net rev­enues were 38 per­cent be­low the monthly tar­get.

The short­fall has been put down to a com­bi­na­tion of fac­tors, in­clud­ing the ex­ten­sion of the dead­line for tax pay­ments, un­cer­tainty about the pay­ment of the ENFIA prop­erty tax for 2015, and the fact that 1.7 bil­lion eu­ros in prof­its from Greek bonds held by Eurosys­tem cen­tral banks are yet to be re­ceived.

By con­trast, rev­enue from cor­po­rate in­come tax was up 120 per­cent against the July 2015 tar­get and VAT pay­ments 0.5 per­cent. The gov­ern­ment es­ti­mates that state ex­pen­di­ture will re­turn to the ex­pected lev­els once the coun­try’s liq­uid­ity sit­u­a­tion nor­mal­izes.

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