Tax revenues exceeded €1.85 billion in the first nine months of the year

Tax revenues exceeded €1.85 billion in the first nine months of the year | TheGreekDeal.com

BUDGET

Tax revenues of €48,867 million were recorded in the execution of the state budget for the period January-September, up by €2,494 million, or 5.4%, against the target included in the 2024 Budget's explanatory report.

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25/10/24 • 12:00

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As noted by the Ministry of Finance, this over-execution stems both from the better performance of the previous year's personal and corporate income taxes collected in instalments up to the end of February 2024 (note that an estimated amount of €647 million is counted in the fiscal result for the year 2023) and the better performance in the collection of taxes for the current year. Therefore, the excess of tax revenues counted in the fiscal year 2024 amounts to €1,847 million.

In particular, according to the state budget execution data, on a modified cash basis, for the period January–September 2024, there is a surplus in the state budget balance of €1,568 million against a target deficit of €1,443 million included for the corresponding period of 2024 in the 2024 Budget Report and a deficit of €397 million in the corresponding period of 2023. The primary balance on a modified cash basis was a surplus of €8,735 million, against a target of a primary surplus of €5,297 million and a primary surplus of €5,987 million for the same period in 2023.

It is noted that part of the difference in tax revenue collections of €647 million is counted in the fiscal outturn in 2023, while an amount related to deferral of transfer payments to OCAs of €1,683 million and expenditure on armament programs of €899 million (i.e., a total of €2,582 million) does not affect the outturn in fiscal terms.

Excluding the above amounts, the excess of the primary surplus of the state budget over the target for the January-September period amounts to €209 million.

Therefore, the primary outcome in budgetary terms differs from the outcome in cash terms. It should be noted that the above refers to the primary outcome of the Central Administration and not to the general government as a whole, which includes the fiscal outcomes of the legal entities and the sub-sectors of OTAs and OKA.